Succession planning is a key strategy for all practice owners in the Allied Health Services Industry.
It is important to plan ahead in relation to things like who will take over your business, how they will pay (if they will pay) and when they will take over.
Practice owners spend years working extremely hard to develop their business into a successful and flourishing practice. However, the unfortunate fact is, that far too many practice owners do not have a succession plan in place. When it comes time to sell their practice they are not able to do so in a tax effect method, ultimately end up paying far more tax than they would have if they had planned ahead.
Planning needs to be done in advance, in some cases many years before retirement, to ensure you are able to access all available concessions and ensure the transactions are as tax effective as possible. Not only is succession planning tax effective for you, but if done right it can beneficial for you successors too.