Blackburn Accounting - Business Succession Planning- The 5 Pitfalls of Not Planning

Pitfalls

Ignoring, putting it aside or thinking or assuming ‘someone’ will step up or in to take-over the reins is fraught with problems. This can result in family and Business breakdown and breakups that often end in financial and emotional disaster for all concerned.

Solution - Start planning early.

Promises, scribbled notes, and handshakes are not enough.

Solution - Seek legal advice and services as needed. Ensure your wishes are clear, comprehensive, feasible, legally binding, commercially sound and are kept up to date. This helps protect everyone and everything.

Avoid backroom select conversations. Leaving key figures out of the discussions can create confusion, distress, and distaste, leading to often later legal disputes. We have all seen those played out in the media!

Solution- Transparency, clearly communicate your wishes, consult and involve all those concerned.

Don't favour ‘favourites’ when choosing your successor.

Solution- Select on ability, merit, and potential. Evaluate, consider what the Business needs to continue successfully. Assess the candidates, look for the skills and attributes required that can be nurtured and developed to build the relationships needed to lead your Business well. Create a mentoring transitional pathway.

Feeling overwhelmed, stressed?

Solution - Seek help. Contact Blackburn Accounting. We offer a range of services including: Family Business Management, Superannuation & Retirement Planning, and Business Development.

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Gregg Mountford

"Tim has been our accountant for over 10 years and throughout that whole time, he has been very professional, trustworthy, efficient and a pleasure to work with. He has the capacity to understand complex issues and his knowledge is always up to date, providing a quality service."

Gregg Mountford Managing Director – Negotiator WA Pty Ltd

"Tim has been our accountant for the last eight years. He has an exceptional understanding of the for ever changing tax landscape which benefits all of his clients. As Tim has moved through his career we have followed, I think that’s testament to his ability!"

Leon Sainken Managing Director – LSA Advertising

"We have known Tim Blackburn since June 2007. He has been our accountant with the Glenrange Global Pty Ltd and Glenrange Enterprises refrigeration electrical engineering business and our food export business Auspies Pty Ltd to Russia."
Peter Shewring
Managing Director – Glenrange Global Pty Ltd

"During this time Tim has shown a professional aptitude to all matters of taxation and general advice for and to business, including the exporting business where there has been a high degree of complexity regarding accountancy, business strategies and taxation requirements.
From the exporting company inception, Tim travelled to Russia to facilitate Aussie Pie Pty Ltd for the compliance to both countries taxation regulations requirements.
Tim has the ability to place the customer and/or the company first, a rare commodity in today’s world."
Peter Shewring