Why is succession planning important?

Succession is the transfer of ownership and/or management of a business. It is important for people in business who are relying on the sale of their business to fund their retirement.

Whilst most business owners recognise the need for succession planning, and while many include selling the business for the best price as part of their retirement plans, only 22.7% have a documented plan!

Source: Australian Family and Private Businesses Survey 2005

Warning - In the future, getting the price you want at the time you want may become increasingly difficult with many more businesses for sale and fewer qualified willing buyers. Don't make the mistake of leaving succession planning until it's too late.

Checklists

Order our simple checklists to assess your business situation, best practice, growth, succession, and estate planning matters.

Your responses may identify a need for effective succession planning.

How to Start

Smart business owners and managers are planning their succession well in advance of retirement by completing a Guide to Effective Succession Planning ("Guide").

By completing the Guide, you will have started developing your succession plan.

The Process

You can complete the Guide in 5 simple Steps:

Order the Guide online or request a booklet.
Go to www.esplanning.com.au (the Guide).
Login with your provided Guide username and password.
Enter your data into each section online or in the booklet.
Once completed, you will receive a tailored Succession Issues Statement and an ESP Score.

You should allow 1 hour to complete the Guide.

Professional Advisers can also purchase the Guide to Effective Succession Planning Package which includes 10 applications of the Guide. Bstar are currently offering this package at only $1375 which is a saving of 50%.

The Guide

The Guide has been specifically developed for Small to Medium Enterprises, Accountants and Financial Planners.

The Guide consists of 32 pages with four main sectors, which can be accessed either in booklet form or online:

Section 1: Owners

Evolve your business
Control your future
Realise your business value to achieve your desire standard of living
Achieve life balance for more choices at exit
Start the planning process

Section 2: Transition

Reach consensus, align goals and expectations
Realise growth to help meet sale price requirements
Use benchmarking as a value driver
Use proactive management of customers and staff to guarantee optimal succession outcomes

Section 3: Succession

Manage risk events
Choose between the 7 exit options
Maximise your succession opportunities through alliances
Determine your business value
Access funding to enhance your succession

Section 4: Selling

Maximise your business value
Provide quality and timely information to improve changes of a sale
Choose your business involvement

The Guide also contains simple supporting Case Studies and Articles to assist with easy completion.

Once you have completed the Guide, you will receive a personalised Succession Issues Statement which analyses your succession planning score and provides you with a summary of your position while addressing a selection of the significant areas identified during the completion of the Guide. Broad strategies, suggestions and issues to consider for specific topics are also included. The Succession Issues Statement is automatically generated in .pdf format and you can easily save a copy to your computer.

Need Help?

If you need help completing the Guide, you can register for an on-line consultation with a Bstar specialist or contact an accredited Bstar Alliance Partner for a consultation.

Training for Professional Advisers

Bstar provides web-based training to Professional Advisers on how to use the Guide. To receive web-based training simply register to attend the next online session.

Get Started

Already have a login for the Guide to Effective Succession Planning? Click here to get started.