Protect the Retiring Owners During Family Business Succession in Australia

Описание: From Our Website: https://www.munros.com.au/solutions-f...
Key Points:
Selling a business, especially to family members, requires ensuring its long-term success and your financial stability for retirement. Start by adopting best practices such as refining operational systems, tidying financial records and obtaining a fair market valuation.
Preparing the business for future success helps your children manage it effectively. Knowing its value is crucial for setting a fair price and for tax planning.
Advance tax planning is vital, ideally starting a few years before succession. Strategic actions can significantly reduce both your and your children’s tax liabilities.
Evaluate your financial needs for a comfortable retirement and consider asset protection strategies.
Manage superannuation to maximise returns, mitigate risks and minimise taxes in the long run.
Balancing asset transfer and ownership desires between incoming and retiring owners is crucial for a successful succession.
Estate planning is necessary, especially if not all children are involved in the business, to ensure fairness.
Complete our spam-free Succession Planning Diagnostic on our website to start your planning process.
Presented by: Christine Prasetia (https://www.munros.com.au/our-team/ch...)