Succession Planning Ballarat

At Barker and Jennings Accountants Ballarat we provide a full succession planning service which involves identifying objectives and implementing strategies to deal with management and ownership succession. Our advice and service will ensure a smooth transition for the business and its continued profits.

Succession planning is an exit strategy and it involves different issues and strategies for family and non-family ownership situations.

At Barker and Jennings we will help you consider any problems that arise before they eventuate. Most succession planning begins after a crisis, for example death, disablement or divorce, and, with no plans in place, turmoil is created. The following possibilities can then arise:

• that the business will cease and assets will be liquidated, which is more common where the business is closely tied to the owner's personal ability
• that the owner's share of the business will be sold to an external party
• that existing partners or family will continue to run the business, sometimes with the retiring owner or deceased's family retaining a passive involvement
• that the estate will not be administered in accordance with the deceased's wishes
• that the business will end up in the hands of the wrong person