Skip to content
admin@mitchell.com.au
61 3 9895 9333
FacebookGoogle+Linkedin
Mitchell Partners | AccountantsMitchell Partners | Accountants
Mitchell Partners | Accountants
Business Advisors & Accountants
  • Home
  • About
  • Our Team
  • Services
    • Accounting
    • Taxation
    • Business Advisory
    • Finance
    • Bookkeeping & Payroll
    • Corporate Secretarial
    • Superannuation
    • Tax Audit Insurance
    • Wealth and Advisory Services
  • Clients
    • Secure File Upload
    • Investment Log-in
  • Blog
  • Contact
  • Home
  • About
  • Our Team
  • Services
    • Accounting
    • Taxation
    • Business Advisory
    • Finance
    • Bookkeeping & Payroll
    • Corporate Secretarial
    • Superannuation
    • Tax Audit Insurance
    • Wealth and Advisory Services
  • Clients
    • Secure File Upload
    • Investment Log-in
  • Blog
  • Contact

Timing your succession

Sep112017
Latest Newstiming your succession

Transition timeframes and expectations

Generational succession is often a process rather than an event, achieved over an extended period of time. 

This is quite different to a sale of business where the owner’s active involvement in the business generally ceases shortly after sale.

The extended timeframe for the transition requires active management to ensure that there are mutual expectations and to avoid the process being derailed through frustration.

The exiting generation may have identified that they want to scale down their business involvement and bring on other family members to succeed them. This does not necessarily mean that they want to withdraw completely. An extended transition period is not uncommon and can often assist the business in managing the change. This can also work well in managing income and capital withdrawal requirements.

The critical issue here is to identify and ensure that all of the parties have a common understanding and acceptance of the time period over which the transition will take place. This should be included in the documented succession plan, with which Mitchell Partners can help. Call us on 03 9895 9333 today.

Category: Latest NewsBy Mitchell Partners11/09/2017
Tags: business sale or successionexit strategyfamily

Post navigation

PreviousPrevious post:Super Guarantee – What Happens When You Get It WrongNextNext post:Managing and maintaining family relationships

Related Posts

Super Guarantee Amnesty Resurrected
28/10/2019
automate
Tax treatment of capital gains
24/10/2019
Are all your SMSF eggs in one basket?
21/10/2019
rental
Rental property expense claims
14/10/2019
deductions
Towards Zero Interest Rates
09/10/2019
foreign overseas
ATO take ‘gloves off’ on overseas income
07/10/2019

Latest News
  • Super Guarantee Amnesty Resurrected
    28/10/2019
  • automate
    Tax treatment of capital gains
    24/10/2019
  • Are all your SMSF eggs in one basket?
    21/10/2019
Quick Links
  • Home
  • About
  • Our Team
  • Services
  • Client
  • Blog
  • Contact
Our Services
  • Accounting
  • Taxation
  • Business Advisory
  • Finance
  • Bookkeeping & Payroll
  • Corporate Secretarial
  • Superannuation
Contact
Suite 4, 109 Union Road
Surrey Hills
Vic 3127
  • Call
    61 3 9895 9333
  • Fax
    61 3 9895 9399

Find us on:

Mail

Liability of the Partners is limited by a scheme approved under the Professional Standards Legislation.

© Mitchell Partners. All rights reserved. Web Design by Viva Digital