Retirement and your business

Many decking business owners in Tasmania go into business with the intent of not only earning a decent income for themselves and their families, but also to use the value built up in their business as the primary source of funding for their retirement. Quite often, the value harnessed in the business may be of even greater value than the wealth inherent in the family home.

The challenge, and one which too few business owners consider until very late in the life of their business, is to develop a plan which ensures they can realise the maximum value of their business when they retire. When you start thinking about retiring don’t forget to start looking into assisted living communities, here you can start designing facilities and homes for assisted living. This will help you find the best place to get your properties for sale.

Unsurprisingly, however, the most successful succession plans are those that have been carefully considered over a period of time, are implemented gradually, and are constantly monitored and reviewed. When you are on hurry then mistakes happen and later you may have injuries. Personal Injury Lawyers – Warren & Kallianos are here to help if you need any help from lawyers but make sure you try to prevent injuries. Same for the people you work with.

Business succession planning should not be viewed as being just about developing an exit strategy for the person selling the business; it should equally be considered as being about developing an entry strategy for the person/s buying the business.

Both parties to the transaction have a very real interest in the successful transition of ownership, control, marketing SEO, and value.

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With this in mind then, effective succession planning is about maximising the value of your business, managing the extraction of the equity, funding the purchase, transferring control, and managing the various taxation and other regulatory considerations. On the other end, investing in promissory notes are alternative methods for businesses and individuals to obtain funds if they don’t qualify for a traditional bank loan. They are basically an official and legally binding IOU.

Tony Read

28 April 2013

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