Q. I have read some of your previous comments about getting your business ready for succession and the need to start early. Our plan is to sell our business somewhere in the next three to five years. What should be considering at this point?
Unplanned succession: How to make sure your business survives you
Smart business owners are spending more time on their succession planning. Their business represents a valuable asset and effective succession planning will maximise the value of that asset and the capital that can be realised from it. But what happens if something happens to the business owner, a partner or key director? Death, trauma or critical illness, all trigger an ‘unplanned succession’ event. Any one of these events can change the profile of the business and drastically affect its value. Even where the disruption to the business can be managed, how do you fund the unexpected need to buy out a partner or shareholder? And, how can this can be done in the most tax effective way, providing certainty for all sides and removing the risk to the business? FIND OUT MORE
What value is right for you – understanding valuation methodologies
Not all businesses are valued in the same way. In fact, there are over twenty different valuation methodologies. And, applying different methods will not produce the same result. To know what your business is really worth, you need to identify the most appropriate valuation methodology to apply to your business. FIND OUT MORE
Don’t let the tax man be your valuer
How one company ended up with a five figure tax liability after the ATO became their valuer.
Last year, a company, who completed an internal restructure, received an amended tax assessment from the ATO. The transaction that triggered the amended assessment was an internal one and even though no money changed hands, the restructure resulted in a capital gains tax event. The taxpayer had relied on the CGT small business concessions to overcome their tax liability. FIND OUT MORE
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