The Rinehart family dispute reminds us that we’re in the early days of the largest generational wealth transfer in Australian history. Here are the five things any business can do to prevent the conflict we’re witnessing playing out in the courts and public stage between the Rinehart’s.
When it comes to recruitment, small businesses have to be more discerning than big companies about who will suit their organisation. So, what are the benefits of having a talent acquisition, performance development and succession strategy in place?
Planning ahead to exit your business should start from day one, to ensure you build a valuable and saleable asset. There are many important aspects of succession planning, so start ticking these off your list now.
Brad Callaughan blogs about the preparation that goes into selling a business.
“Selling your business shouldn’t be a spur of the moment decision. Succession planning should be looked at over a number of years to determine the best road forward. Not only do you have to decide on either passing your business down or selling it but you also need to look at the tax implications…”
Steve Jobs stepped down as Apple’s CEO this morning, saying he’s now unable to meet his duties and suggesting the board name COO Tim Cook as his successor.
Though many family business owners want to keep it all in the family, many are worried about their children’s ability to take charge of the business.
As calls for Rupert Murdoch to step down in the wake of the News of the World (NOTW) phone hacking scandal continue, experts suggest businesses use the calamity as an example of the need for a solid succession plan.
The end of the Second World War led to the start of the great Australian baby boom, when many of today’s leaders and business owners were born. Today, these same baby-boomer business owners and CEOs nearing retirement are faced with a burning issue – to whom should they hand over the reins?
With the first of the baby boomers reaching retirement, predictions of SMEs hitting the market at depressing sales prices mean owners should now be fine-tuning their succession plans.
Staff retention is not an exact science and different employees will respond to different incentives. But losing good staff is sometimes a reality and that’s where succession planning is key.
