Succession and Exit Planning involves planning ways you can minimize your tax, secure your future income and provide a smooth transaction for your team when leaving your business. If you need to exit your business, then Succession Plus are the team to help you. After all, you only leave your business once, so it is incredibly important that you get it right. There are various ways in which you can leave your business. These include management buy-out, employee share scheme, and selling to competitors, suppliers, customers or trade buyers. Due to these many options, talking to someone with experience and expertise in all of these areas can be very helpful to aid your transition.
Further, succession and exit planning means you do not waste your hard work. We can assist you to map out every aspect of your business so that you are sure to achieve your desired outcome. Succession planning itself involves making decisions about who will lead your business. And, exit planning involves who will own it. Those decisions enable you to take advantage of the complicated tax system, minimising what you have to pay, in addition to providing a smooth transition for your entire team.
Having a business exit plan does not only ensure that you will have a higher selling price, but it also means that tax is minimized on the proceeds of transition. At Succession Plus, we have the experience and expertise to help you with all areas of the seemingly intimidating transition. We will advise you on the best staged payments, tax concessions and superannuation contributions so that you benefit from the exit strategy and retain maximum proceeds.
Another incredibly important factor to consider when planning your exit strategy is how to minimize the potentially large Capital Gains Tax. Capital Gains Tax is calculated through paying a percentage of the gains you receive when you dispose of an asset. This means that if you sell your business, you could be up for a large tax bill. Succession Plus can aid you in making an exit plan that considers all tax issues early, including the Capital Gains Tax, so that appropriate action can be taken to minimize the amount you pay. In addition to ensuring that we identify if you are eligible for Capital Gains Tax concessions, we will also assist you in the management of GST (goods and services tax), Stamp Duty and Superannuation costs involved in your exit.
Our prinicpal company owners also hold succession planning seminars & workshops to educate people of Australia in successful strategies. Our team of experts are also Succession planning keynote speaker all across Australia – contact us now for more information.