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Adviser Masterclass Series: Structuring for Succession – Who owns what?

Succession Planning

Adviser Masterclass Series: Structuring for Succession – Who owns what?

By , April 12, 2018
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What is Asset Protection?

Asset Protection is a means of using business practices and structures to create barriers between your assets and the risks faced by your business or yourself. It’s part of an insurance strategy to make sure that everything you build is protected.

  1. Why would I need an asset protection strategy?
  2. Who is at risk and what are we protecting ourselves against?
  3. What are the sources of potential risk?
  4. What is the most effective form of asset protection?
  5. When is the right time to start thinking about an asset protection strategy?

Asset protection is about creating financial structures and implementing business practices that are designed to protect what you own and what you earn from creditors and predators. It requires a new perspective – one that you may not have considered before: creating wealth through your business and investments is only one half of your financial strategy, the other half is about structuring your financial affairs so that your assets are protected for the long term.

Essentially, asset protection is a method of insurance. It creates a barrier between your assets and your risks, so that your assets are protected. This is achieved through the use of strategically planned business structures in conjunction with appropriate insurance products and legal protections.

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"Creating wealth through your business and investments is only one half of your financial strategy, the other half is about structuring your financial affairs so that your assets are protected for the long term."

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Craig West

Craig West

Executive Chairman | Succession Plus

Craig West is a strategic accountant with over 20 years of experience advising business owners. His background as a CPA in public practice has provided invaluable experience in the key issues of concern to business owners.

In March 2014, Craig was appointed Executive Chairman of the SME Association of Australia, Australia’s largest small business organisation representing over 300,000 business owners.

In October 2014, he was awarded the Exit Planner of the Year at the Exit Planning Institute Annual Conference in Texas, USA, due to his innovative development of an exit planning process to help business owners maximise business value and achieve a successful exit.

Craig’s proprietary structure - a Peak Performance Trust - has won the Australia-wide award for the Employee Share Ownership Plan of the year twice in four years.

In November 2018, Craig launched SME Experts in partnership with Mark Bouris’ Mentored on Podcast One and quickly grew the monthly podcast audience to over 26,500 downloads; in October 2019, he released a new podcast focused on medium-sized businesses - Mid-Market Matters.

In July 2021, Craig joined the NSW Committee for STEP (Society of Trust & Estate Practitioners) – focusing on advising families across generations.

Craig has also launched a SaaS platform, Capitaliz (which captures the 21-step process), to assist other advisers internationally deliver advisory services at scale.

In November 2021, Craig was appointed Executive Chairman of NSW Leaders, a business mentoring group for leading NSW businesses.

In July 2022, Craig West received the award of Doctor of Business Administration for his research thesis titled “Examination of the key factors driving business exit options in Australian Small and Medium Enterprises.”

Craig is passionate about encouraging business owners to think strategically, maximise the value of their business and achieve a successful exit.

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