In this episode of Resourceful, host Brett Cribb, Managing Director and Founder of Resources Unearthed, explores the complexities of business succession with three seasoned advisors: Craig Barry from William Buck Queensland, Craig Hong from Hill House Legal Partners, and James Marshall from Stratus Financial Group. Throughout this discussion, they explore various aspects of business succession, including tax minimisation, structuring for the future, employee share schemes, and the delicate balance of family transitions. This first part of a special series offers invaluable advice for business owners looking to secure a smooth and prosperous transition.

00:00 Introduction

00:22 Meet the Expert Advisors

01:00 Common Business Succession Questions

01:29 Understanding Business Succession Stages

02:25 Financial Planning in Business Succession

03:27 Small Business CGT Concessions

06:13 Ownership Structures and Succession Planning

11:26 Preparing for a Business Sale

18:19 Internal Succession and Family Businesses

21:02 Practical Issues in Succession Planning

21:18 Internal vs External Talent Pool

21:38 Cultural Fit and Internal Expectations

22:25 Financial Considerations for Internal and External Candidates

22:54 Due Diligence and Risk Management

23:45 Family Dynamics in Business Succession

26:13 Tax Considerations in Succession Planning

30:20 Valuation and Business Worth

32:56 Adapting to Business Growth

35:18 Conclusion

Brett & James: https://www.resourcesunearthed.com.au/

Craig Barry: https://williambuck.com/

Craig Hong: https://hillhouse.com.au/