By Maddern Accountants 21/12/2011
In this new financial year economic, technological, environmental and political changes abound. For those in small businesses, including farming, it’s time to consider succession planning.
Never has it been more challenging. With businesses changing so rapidly over time those who will succeed the existing owner(s) will inevitably take a new approach to the business. This means that business owners cannot be complacent and make assumptions about who will succeed them in business and what they will do to the company.
Discussions, meetings and plans need to be had from an early stage if succession planning is to be successful. It might also be beneficial to run one business in two divisions – one for yourself and one for your successor so that they can truly gain a ‘feel for the ropes’ and still benefit from having you around.
Talk to your Chartered Accountant as they can assist in those discussions, meetings and planning.
