Thinking Ahead – what happens next?

January 22, 2023

You’ve built a successful transport business that has

significant assets, knowledge and skills, but how and

when do you pass these on?

This is not just an issue for retiring business owners as illness or death can strike at any time. You want your business to have a planned future that will provide financial security for your family and leave a legacy for future generations. To do this, you need to be thinking about succession planning.

The most important step is to start as early as possible – the best time to start was yesterday but now is better than tomorrow. Around 90% of New Zealand businesses do not have a formal succession plan. Have you thought about a succession plan?

Being local business advisors and accountants, we have the expertise to help you plan for the future. We can help to create a structured plan so you have a clear vision that can then be actioned and achieved. After all, tomorrow will soon be today. Tom Findlay, a director and client advisor, with a wealth of knowledge in this area, says, “Any succession plan needs to be an inclusive plan that accounts for the

transfer of both the financial knowledge and knowledge that is in your head about the business.”

We consider your personal situation - marriage, kids, age and health - to ensure the right plan is put in place for you and your business. We will guide you through the business valuation process and can advise how best to make your business attractive to sell to either an external party, an existing staff member or to family members. When family is involved, we encourage you to include them in discussions to ensure all

parties thoughts are well considered. After all, we want the transfer to be successful and without conflict for the next generation.

“We will also meet with you to understand your future goals and what you need financially to suit your lifestyle beyond the business. The business needs to be capable of giving you that lifestyle and we can assess how this looks after the business is valued.”

Succession planning isn’t hard when you’re working with someone that knows your business and you feel

comfortable with. You need to be open to putting everything out on the table as doing so will ensure the

right outcome for you and your family going forward.

Get in touch with us today to start the discussion around what happens next.

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