Succession planning about knowing key indicators
In order to formulate an effective succession plan, SMSF strategists and other practitioners need to know the key drivers of revenue in their businesses, especially those elements that will come into play in the future, according to an industry expert.
SMEs struggling on succession planning front
The lack of retirement preparedness by small business owners continues to be a major concern, according to Craig West, founder and chief executive officer of Succession Plus.
Neglecting Business Succession a Growing Problem for Advisers, Clients
A business succession planning expert predicts problems on the horizon for many financial advisers and their SME business clients, where each may be putting off their succession plans until it is too late.
Small business sales need to fund retirement
Australian small businesses represent a retirement income challenge in circumstances where 33 per cent of small business owners have said they are entirely reliant on the sale of the business for cash to fund their retirement, yet 75 per cent do not have an agreed or documented succession plan.
From tax to returns from a fuller partnership role
Three years ago, Craig West ran a typical small accountancy practice. He had a turnover of $170,000, employed a couple of people and was preoccupied with tax returns for 450 clients.
If a client walked in the door and was "living, breathing and had a heartbeat", West was happy to look after him or her, even with straightforward personal tax returns.
