If you’re a business owner, you’ll understand how your business success depends on the skills, qualities, efforts and influence of key people. For this reason, it’s important that you prepare and plan for when you, or another key person, leaves your business. That could be because of illness, accident, death, retirement or resignation.
A well-structured business succession plan is key to keeping your business operating smoothly through major change. Such a plan outlines strategies to mitigate related risks. It prepares you for change and makes transitioning out of your business easier. A quality business succession plan also clarifies who will take over your business. And it helps your successor prepare for their work responsibilities, present and future.
In this article, we’ll outline the qualities to consider when choosing a business succession planning service, and share where to find the best in Canberra.
What makes a great succession planning service?
Choosing the right succession planning service can take the stress out of worrying about the future of your business. It can give you confidence that you’re well placed to deal with major changes when they land on your doorstep.
It can be helpful to keep the following in mind when choosing a business succession planning service.
- Knowledgeable. Business succession planning can be complex, and each business is unique. You’ll want a business succession planning service that is highly knowledgeable about the many aspects involved.
- Experienced. You’ll benefit from a business succession planning service that is experienced. They should have experience in your industry and/or your type of business.
- Detailed. You can’t afford to have gaps in your business succession plan. It’s too risky. This is why it’s important to engage a service that covers all the details and doesn’t leave any stone unturned.
- Great communicator. Business succession planning can be complex and confusing, so you’ll want an expert who explains everything in plain language. This will build your confidence that you understand what you need to think about and make decisions on.
- Fair fees for service. You’ll want a business succession planning service that charges a fair rate. Ask for a detailed proposal and don’t be shy about asking questions on the fees set out.
The best business succession planning services in Canberra
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Successfully transitioning a business is a challenge at the best of times. At the worst of times, it can create conflict that affects relationships and business success for years to come.
Succession planning – transferring wealth and family business – is complex, but rewarding when done right. And the earlier a business owner starts, the greater the chance of a successful outcome, whether the business goes to a new owner or family members.
While it can be difficult to know where to start with succession and estate planning, RSM’s experienced advisers work closely with clients on developing a practical roadmap. RSM also supports clients to implement that roadmap, so a business owner’s legacy is protected on retirement or departure. The firm also support clients with tax minimisation strategies, GST implications, other retirement planning needs, and more.
RSM’s succession and estate planning experts provide honest, objective advice, lend years of experience, and provide quality support through this important transition.
On Google, David Gregory wrote, “... RSM staff have always been highly responsive to enquiries. The personal quality of the service provided by staff is outstanding and they demonstrate a friendly and personal understanding of their clients.”
Deakin ACT 2600
DDCS Lawyers is a multiservice law firm that works with business owners to identify risks, goals and strategies for business succession planning. Lawyers are skilled in business structuring, buying and selling agreements, and asset protection. They are also skilled at preparing family constitutions and stakeholder agreements.
A comprehensive and well-developed business succession plan is critical to the ongoing health and profitability of a business after a change of leadership or ownership. DDCS Lawyers work with other professional advisors to create effective plans that remove worry and mitigate risks.
DDCS Lawyers are skilled mediators who facilitate the resolution of business conflicts to support businesses to continue operating as smoothly as possible in times of change.
Services are client centred and DDCS’s highly experienced lawyers offer a powerful blend of experience combining the practice of law and academic credentials. The firm’s lawyers are some of Canberra’s best.
DDCS Lawyers’ mission is to be a client’s preferred lawyer for each stage of life, both on a personal and a business front. The firm was established in August 2007 as Dobinson Davey Clifford Simpson, with the four founders bringing together a unique blend of expertise, shared goals and values. The team includes 11 experienced lawyers with six Family Law Accredited Specialists.
On Google, Michael Miller wrote, “I have always received professional and efficient service from DDCS Lawyers. They’re kind, caring and knowledgeable.”
The business structure experts at Meyer Vandenberg Lawyers provide detailed business succession planning services. They support businesses to put the right plans and strategies in place for selling a business or dealing with change, such as the departure of an important employee. Meyer Vandenberg Lawyers supports businesses to be confident and clear on who will run and/or own a business, to sustain its viability.
Julian Bahamon wrote on Google, “Great company. Would recommend it to anyone looking for a solicitor in Canberra.”
BAL Lawyers has a Business and Commercial Team that supports all aspects of a business’s lifecycle, including succession planning. Its experts support businesses to be ready when faced with the resignation, retirement, illness or death of a party who makes a major contribution in the business. The team works with clients on realistic, achievable and detailed plans. They advise on the right structures and mechanisms needed to avoid risks and disruption.
On Google, Nuaa Peerlink wrote, “Excellent advice, timely, detailed and flexible ... Highly satisfied.”
Snedden Hall & Gallop Lawyers is the Succession Plus partner in Canberra, with Emily Shoemark accredited as a Succession Plus adviser. Emily supports each client to understand their business, its value and how to maximise that value. She also supports clients to make decisions about who will own the business into the future, potentially attracting a higher sale price and minimising tax paid on proceeds.
Alayna Sixsmith wrote on Google, “Snedden Hall & Gallop Lawyers has been nothing but professional, friendly, helpful ...”
If you’re looking for more information on business operations in Canberra, you might like our articles on the best business advisors, best law firms, best business insurance brokers and best probate services Canberra has to offer. You might also like our article on the best place to get your will done.
Your experience with business succession planning services in Canberra
Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.
Have you had experience with any of the succession planning services listed above? If so, share your feedback in the comments below.
Frequently Asked Questions
What is business succession planning?
Business succession planning is the process of arranging your business affairs now to minimise what will happen if your business faces the unexpected. This could be losing a key person through events such as death, illness, retirement or resignation. That key person could be yourself or someone else in your business. A great business succession plan helps you mitigate risks and ensure the continuity of your business and its profits.
How do I choose the best business succession planning service?
You’ll want to consider key factors such as knowledge and experience. That includes experience in your industry or line of work. Other factors include communication strengths, so you understand all the details. You’ll also want to check out fees, so you’re not overpaying for service.
Can I handle my own business succession plan?
Business succession planning is important for most businesses to ensure longevity and to protect those who may be affected by the loss of a major player. This can include protecting the person who is departing, other business partners, staff and family members. A great business succession plan makes matters clear and straightforward. This is because it specifies who will lead your business into the future and who will take ownership of it.
How much does business succession planning cost?
The cost to get your business succession planning in order varies depending on many factors. This can include the size of your business, the type of business, its profitability and the number of staff. It’s best to ask a business succession planning service for a detailed quote on their fees.
Why is business succession planning important?
Business succession planning is important for most businesses to ensure longevity and to protect those who may be affected by the loss of a major player. This can include the person who is departing, other business partners, staff and family members. A great business succession plan makes matters clear and straightforward.