Many private businesses do not have an exit strategy.
Without an exit strategy the years of hard work can result in a year to year living return with no capital lump sum.
Well structured succession ensures the business does not retire with the owners and the value in the business can be realized.
Whether the succession is from family to family, or owners to staff, Parfitt's can assist in the transition.
The discipline in providing succession expertise goes well beyond the financial considerations. Much emotion often surrounds succession issues which must be dealt with delicately and decisively for the benefit of all participants.
Often we approach succession issues with partners covering different generations, thereby providing the exit and entry parties support from professionals in their age group.
Our clients for which succession has been managed have benefited from our expertise in:
- Buy/sell agreements
- Funding options involving cross insurance cover
- Family Meetings
- Supporting working and non-working family members
- Transferring the business to the next generation