Business Succession Planning
Have you thought about the future of your business?
At Thomson Wealth, we understand that selling or transitioning your business can be complex and emotionally charged. That's why we are here to help you navigate this important phase with confidence and clarity.
Challenges Business Owners face:
Emotional Considerations: Letting go of a business you’ve built can be difficult. We help you address these emotional aspects and ensure that your personal and business goals are aligned.
Family Dynamics: If you’re planning to pass the business to a family member, it’s crucial to manage family expectations and relationships carefully. We can be your sounding board to help you with this transition.
Legal and Financial Complexities: From legal requirements to tax implications, the process of selling a business involves numerous details. We will ensure your accountant and lawyer work together to guide you through the legalities and help you structure the sale to minimize tax liabilities.
Investing Your Wealth: Whether you plan to retire or change careers, we will invest your wealth in line with your investment objectives and investment risk appetite.
How we can help
Life Plan: We help you unpack what is important to you, your concerns and your personal financial planning needs by addressing the 4 L’s, Live Love, Learn Legacy. For example, understanding your Legacy, such as whether there are family dynamics or charities to support, will strategically feed into your strategic business succession planning. And understanding how much money you need personally to live off, will feed into your investment advice and retirement income advice.
Strategic Planning: We help you set up the right structures early on, which can significantly reduce your Capital Gains Tax exposure and make the transition smoother.
Lump Sum Management: Receiving a lump sum payment for your business can be overwhelming. We assist you in strategically investing and managing these funds to secure your financial future.
Superannuation and Investment Advice: We provide expert advice on superannuation and investment strategies to help you make the most of your financial assets post-transition.
Collaborative Apporach: We can introduce you to specialists who can facilitate difficult discussions, such as navigating family dynamics during the succession process.
Collaborative Approach
Our busy business clients often value team work instead of working in isolation. You may find that often your experts work in silos, however we will ensure your A-team collaborate to get the best outcome for you and save you time.
We work in conjunction with your accountant and lawyer to ensure every aspect of your business succession is meticulously planned and executed. This collaboration allows us to provide comprehensive advice that covers both financial and tax considerations, giving you peace of mind during the transition.
Our business succession planning is part of our Family Chief Financial Officer service, which is our premium financial planning offering. This service is designed to provide you with a holistic approach to managing your financial affairs, ensuring that all elements work together seamlessly for your benefit.
Planning for the future of your business doesn't have to be stressful. With our expert guidance, you can approach this transition proactively and confidently. Let’s work together to build a succession plan that meets your needs and ensures a seamless transition. Contact one of our advisers today to get started.
How you’ll feel
Confident and financially organised with peace of mind about your financial future, even if life throws you a curveball.
