Here’s a scary statistic – 81% of businesses owned by Australian baby boomers do not have a documented succession plan.
When you start a business, you need to start with the end in mind. Most business owners want only to get the beginning right! Business owners suffer from ‘time congestion’. They’re concerned with start-up, business growth, then stabilising and maintaining what they’ve achieved. The last thing they think about is how they want to finish with it all.
We speak to many business owners who haven’t taken precautions to protect their business if they were forced to take extended time off work due to a serious illness or injury. If they died, how can they be sure that their business partners would give their family a fair deal?
Would your business survive without you?
Maybe you don’t want to think about this, or are too busy, but the reality is that at some point during the lifecycle of your business, you may be confronted with this situation.
Sometimes we all need a helping hand to address the sensitive areas of ‘what ifs’. Speak to your Crosby Dalwood Adviser today to ensure the four key areas of business structure; succession agreements, insurance and powers of attorney are addressed.
Have you put your succession plans in place?