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Business succession planning
Have you thought what would happen if you or your business partner(s) retires, passes away, there is an irreconcilable difference, or serious illness prevents you working for an extended period of time?
Unfortunately, we see a number of businesses who fail to consider these scenarios. Significant added financial stress affecting all partners and their families, invariably follows. There are also those businesses who consider these possibilities and arrange their affairs to ensure their practices can continue to run smoothly, their personal financial situation is under control, and their capital value is maintained. As a result, these people have far less stress and recover relatively quickly if one of these unfortunate events occurs in their business.
In all of the above scenarios, negotiating can prove difficult. In the event of a death, the expectations of remaining stakeholders are often quite different from those of a deceased partner’s estate. The remaining owners may wish to buy out their partner’s interest while the partner’s representative may not wish to sell or may wish to sell but at an unrealistic price.
At Guild Accountants we help many veterinary practice owners through the process of succession planning to address all the succession planning issues and ensure that veterinary business ownership is a rewarding experience right to the very end.
If you would like to further information about the process of succession planning for your veterinary business, please call the Guild Accountants veterinary team on 1800 101 296 or email us at email@example.com
Alternatively, if you are a member of the Australian Veterinary Association, please visit www.ava.com.au and login in as a member to access the Guild Accountants – Succession planning guide.