ENSURING THE LEGACY AND LONGEVITY OF YOUR BUSINESS
Succession planning is an essential part of running a successful business for the long term.
There are a number of reasons to implement a robust succession plan and the benefits are realised here and now, not just in the future. That’s because a succession plan is not only for those seeking to retire or exit.
A succession plan mitigates risks, such as unexpected life, economic or environmental events, and it can also inform strategic decision making, such as when addressing changes in the marketplace or reviewing goals and milestones.
In today’s marketplace, it seems likely that business valuations will move towards EBIT valuation multiples more in line with comparable professions. With this trend it is important to have your business properly structured to maximize its value at the time of sale.
Protecting and growing your value
While some firms are content with their current size and structure, others are looking to move from operating as a practice towards becoming a true corporatised business. There is an increasing realisation that the value of the business increases significantly once the owners are no longer directly related to the generation of income. This requires a change in roles – from practitioner to business manager.
We recognise that our entire network is made up of independent businesses and we provide the option of trading either in their own name or as Futuro. This sees the majority of our practices trading under their own banner.
We can help you assess whether such a transition is consistent with your long term objectives by supporting you to:
- Make the choice between remaining as a practitioner or moving into the role of business manager
- Grow at a pace that will allow the transition to a true business to occur in an orderly and natural fashion
- Develop true lines of succession, and
- Increase income to the business through the aggregation of production.
Our succession program
We have established a succession program which can provide you with confidence and assurance that the legacy and longevity of your business is secure.
Over the years we have facilitated many succession plans for our advisers and can assist you with maximising the outcome for you and your family.