What happens to your small business if something happens to you?

Small businesses are the lifeblood of Australia’s economy, employing about 42% of the private workforce. Around half of Australia’s small business owners are aged over 50 years.

Most owners have poured their heart, soul and cash into creating a viable business. But, if you pass away, what happens to that business you’ve worked so hard for so long to build?

Safeguarding your business into the future is crucial. If something happens to you, what will happen to our business, including your assets and liabilities? Your business may offer a valuable source of income for your loved one if it is able to continue to run after your death. However this depends on the type of business and legal structures that you have put in place.

The best way to remain in control of what happens to your business in the future is to write a business succession plan and keep it updated. A business succession plan will protect your interests, your employees and your clients and customers.

Store your business plan in a chest on Secure My Treasures

Here’s how to develop your business succession plan.

Australian Government Business. Develop your succession plan. https://business.gov.au/planning/business-plans/develop-your-succession-plan -includes a downloadable template. (Accessed 16 September 2024)