The inheritance of profit

Despite succession being one of the most important issues that will affect small businesses, results from the Australian Family and Private Business Survey show that 75 percent of Australian small business leaders have no documented succession plan in place.

This statistic prompted Ernst & Young Australia to launch the Small Business Succession Planning program, a series of free seminars, in tandem with a comprehensive online knowledge base. The seminars will cover topics such as gauging current exit readiness, goal-setting, succession strategies and business owner retirement. It will also cover risk management and the financial implications of failing to plan properly. Ernst & Young present this initiative with funding from the federal government’s Building Entrepreneurship in Small Business program.

The seminars run across all states until October. For more information on dates and locations or to register for a session, visit sbsp.com.au or call 1800 048 855. Following the seminar season, a CD will be available to business owners who were unable to attend the seminar.

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