From about five years ago, the baby boomer generation started to turn 65.
A surge in Australian business owners retiring began and continues, but the topic of succession planning, although given some emphasis by this demographic wave, remains a perennially under-addressed issue.
While on some level every business owner realises they should have a succession plan in place, and not just family businesses, it seems less common to find an entrepreneur who has done something about it. Even the seemingly, straight forward assumption that you will at some stage exit your business, needs to at least recognise that there should be a process to tick off all the issues.
Of course, there is more than just tax issues to consider (although CGT will figure largely) – there is super, value in your business, finding the right person to takeover, selling or otherwise divesting yourself of something you’ve probably put a lot of blood, sweat and tears into growing.
Contemporary times may be witnessing a spike of baby boomers going through the process, but this should only cement the idea that the succession plan will continue to be an important part of the business life.
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