SME Succession

Nextgen.Law | SME Succession Lawyer Brisbane

More than 60% of small business owners are approaching retirement but do not have a succession plan in place. Some people assume that the business will simply pass down to their family and/or close friends. However, this is not necessarily the case. To ensure that your business continues, you should put in place a succession plan.

A small business succession plan outlines what should happen to your business if you decide to retire, or if you lose capacity, or if you pass away. It includes details as to whom your business will be transferred to, how, and when. This way, you have all aspects covered and you can work until you are ready to retire, or if you sadly lose capacity, or pass away, knowing that the business can continue without you. This is particularly important for small businesses because the people involved make a huge difference to the future success of the business.

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