Succession planning isn’t only smart to ensure a business thrives in its next phase, it also helps owners maximise value when it comes time to step away.
Andrew Johnson, managing partner of AJ & Co Lawyers in Brisbane, Sydney and Melbourne, advises clients that it is never too early to start succession planning.
Speaking at Professionals’ annual PRO-Elite event in Hobart last month, Johnson explained that laying the groundwork for a leader to hand over the reins is not only an integral part of retirement planning, but it also comes into effect in unforeseen circumstances.
“Even if retirement is not on your horizon, life can present unexpected turns,’’ Johnson said.
For operators who are self-employed, as many real estate office heads are, succession planning becomes particularly important to allow for a comfortable level of living when a full work schedule is no longer possible.
