Succession planning should apply from the day you consider commencing a business and be revisited throughout your business life.
It is important to establish goals and objectives and look towards the time when you will no longer be operating your business; whether it be from the sale of the business, a transfer of your interest to a family member or perhaps a continuation under a different structure that does not require your day to day involvement.
At ATS Partners we think of succession planning as an evolving process. Enabling the transition of wealth across generations while ensuring harmony, individual growth and a sense of contribution. The outcome of this evolution on you and your business or business interest needs to be considered, discussed and planned, to provide 'peace of mind' as the year’s progress.
A good succession plan can help your business transition smoothly to new ownership or new management. By planning your exit early, you can future proof the capital value of the business and help it to meet future needs.
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