Succession Planners

Succession planning is the process to transfer business assets and management to the next generation, safely and securely. As retirement is inevitable for all business owners, succession planning is vital for the long-term survival of private businesses and farming enterprises.

You may have heard the phrase ‘succession planning is not an event, it is a process’. This basically means the sooner you start thinking about the succession plan the better and more prepared you will be. Mulcahy & Co’s team of financial planners are specialists in helping business owners put in place succession planning.

Our Ballarat financial planners and financial advisers generally find that most businesses and farming enterprises don’t know where to begin the business succession planning process. Our recommendation is to have a thorough understanding of where the business assets are owned. There can sometimes be assets held in different names and structures such as trusts, companies and superannuation funds. Understanding how assets are owned and how structures are controlled is an essential first step to mapping out the succession plan.

Owning the business and assets in a structure or structures that provide flexibility of ownership is an advantage to facilitate the transition and control of the business assets in the future.

Currently there are several taxation concessions available such as capital gains tax, income tax and, in some circumstances, stamp duty to restructure the ownership of a business and related assets.

Whilst working through this important step, we will also be dealing with the ‘people and planning’ aspects of the succession plan.

At Mulcahy & Co, our succession planning service involves a 10-step process to ensure your family and business are financially secure. These will be some of the most important decisions you will make over the course of your life. If you have detailed succession planning with all key components in place, only then will you achieve your personal and business objectives. Working with our financial advisers and financial planners will provide an outcome that will give you peace of mind and financial security for you and your family.