Why is planning necessary?
If you have a business, you should do a business
succession plan.
It is part of planning for a successful business and the
continuation of a successful business.
Succeeding at anything is about good strategic planning and good
implementation. Business succession planning is no
different. The objectives can be many and varied. The
objectives that usually drive the planning process are the
following:
- preserving and generating wealth. In doing so, taking
account of asset protection measures, protection against
spendthrift family members and estranged or divorced spouses;
- preserving harmonious family relationships;
- minimizing adverse taxation implications;
- funding retirement; and
- providing scope for family members to advance within the
business.