Aden Wilkins and David Andrew define succession planning as the process of transitioning ownership of a business over time. This can take different forms such as an internal succession, a sale of the business, or transferring it to family.
David emphasises the importance of considering whether the strategy is to "harvest" the business through sale or pursue a "legacy" strategy of passing it down. He notes that succession involves transitioning not just capital but also leadership roles and maintaining the vision and values of the business.
David draws on his own experience with succession planning at Capital Partners. He explains how they began planning early to protect clients even with just a few employees. He details the multi-year process of transitioning out founding partner Chris while maintaining services, and culture, and developing new leadership over that time.
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The Purposeful Investor Podcast is a public service provided for Australian investors wanting to make smart decisions with their money, avoid costly mistakes, look after the people they care about, and, have a great life!
We draw on over 30 years of experience from David Andrew and the Capital Partners team.
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This episode provides general advice only. We do not consider your personal circumstances when we share this information. Always refer to your financial adviser for advice about your personal circumstances.
Capital Partners Consulting Pty Ltd AFSL 227148 trading as Capital Partners Private Wealth Advisers ABN 27 086 670 788.
