MWL FINANCIAL GROUP
SECTION – TRADIES
SUBJECT – Succession planning
Hi I'm Barbara Keating, Accountant and small business specialist at MWL Financial Group.
What are the future plans for your business? This is a question that most business owners are faced with towards the end of the working life, but is hardly considered when a business is first being started.
Succession planning is a process where business owners hand over the reins to the next generation, and while it is something that is not thought about till the tail end of someone’s working life, it’s extremely important when starting a business.
You see, when you start a business and choose an appropriate structure such as sole trader, partnership, trust, or company – that structure has great implications when trying to pass the business to someone else.
Therefore instead of looking at succession planning as something that only has to be thought about at the end of your journey into business, it may be wise to consider it at the start of your journey.
For more information contact us at trades@mwl.com.au and contact either me Barbara Keating or
one of our experts will be more than happy to help.
