Why You Need Succession Planning
Succession Planning: Why You Need It Now More than Ever
Succession planning refers to the practice of making provision for the day you need to step down from a leadership role. You’ll want your business to continue with strong leadership, ensuring income for you as well even when you’re no longer in the CEO seat.
However, succession planning also involves business assurance, especially in difficult times. With the world in economic turmoil, it’s essential to put a contingency plan in place. Even more so if you have a small- to medium-sized business as difficult economic times are particularly hard on smaller businesses.
On a personal level, succession plans also involve provision for your family once you have passed away. This means early on estate planning can help your loved ones get the most from your estate without having to wait years for the pay-out. In addition, with such plans, you already deal with issues like estate duty and taxes payable, thereby reducing the burden on your estate, giving your loved ones more and fewer complexities with your deceased estate.
Succession Planning Solutions
In both your business and personal circumstances, Efficient Wealth’s services are structured to reduce your risks, protect against risks and help to streamline processes. Business assurance has never been more important in South Africa than it is now. With many uncertainties in the world due to power shifts, conflicts and large-scale economic changes globally, businesses need assurance solutions. Efficient Wealth offers solutions tailored to help minimise the risk of adverse estate duty or tax treatments. See our range of services here.
With proper business assurance plans, your business gains sufficient protection against the loss of key employees or events that can negatively affect you as a business owner. With plans in place, your business’s sustainability, regardless of such events, can be assured. With our access to and relationship with the top assurers in the country, we’re equipped to give you appropriate solutions to mitigate risks and meet your business sustainability and succession planning needs.
Solutions range from deferred and preferred compensation to covers for loan amounts, key person assurance, cover for buying and selling agreements and contingency plans for your business. Losing the services or expertise of one of the key persons in the business can cause a severe financial loss. If you’re a small business owner and cannot operate the entity or provide a key service due to a particular event, you’ll want the assurance that you will be covered. Also in this regard, you can expect objective and professional advice from our qualified financial advisors.
We also provide you with insurance solutions through our professional financial advisors. For instance, you benefit from a personal “break-even” analysis and ongoing reviewing processes.
Whether for your personal estate or your business, succession planning is important to ensure sustainability, mitigate risk and protect against financial loss. Make sure your business can continue to thrive and that you can minimise the burden on your estate. Find an advisor here, give us a call to book a free consultation at 087 894 9988 or email us at enquiries@efw.co.za for more information on our succession planning solutions.
