Succession Planning

Management Succession Planning
The organisation structure is representative of the hierarchy of respective employees within the business. By identifying the key players in an organisation enables the risk management elements to be analysed and suitable procedures implemented to ensure that appropriate candidates are at hand to replace any key personnel. A conscientious plan of action will ensure that the business will achieve its full potential.

Business Succession Planning
Business Succession Planning involves planning for the longevity of a business. The main concern is ensuring that there will always be a suitable candidate to be the leader once the leader vacates the position. Without these very important plans in place a financially viable business can very quickly go under. A business will flourish with a proper successions plan in place and at Oculus we offer two main options which are available to business succession planning and they are;

1. Retention Planning: Retention of the business within the family circle; and
2. Buy-sell Planning: Selling of the establishment to other business owners or key employees or interested outsiders.

TODAY….. Good joint management and effort among business shareholders have built a successful and profitable business. The business shareholder and his family enjoy a comfortable livelihood and good lifestyle.

TOMORROW….. Suddenly, unexpectedly, a key shareholder dies and the business is disrupted instantly. What will be the outcome of the shareholders’ business interest and his family’s livelihood and lifestyle?

FUTURE….. The surviving shareholder and the deceased shareholder’s family face a critical decision. What are the options available to the surviving shareholders and the deceased shareholder’s family?

To see how an Oculus advisor can assist you with your Succession Planning, contact us on 07 5536 3755.