Sugar cane harvest in tropical Queensland, Australia

Succession Planning; Prepare for the unexpected

Succession Planning is a process used in business to identify people internally who are able to fill key leadership positions within your company when they become available.  Review what you do every week in your business.  Which of those tasks could you confidently delegate to  someone else in your business tomorrow?  Are they important tasks?  Could they be externally contracted at an affordable price?  If not, they may become the downfall of your business.  Will your business survive without the income you generate?  Moreover, without your business, how long can you and your family survive?

As unwelcome as they may be and as often as we may think ‘this will never happen to me,’ there is always the probability of an unplanned emergency putting us into a sticky situation.  It could be that you slip and break a bone; you could contract an illness or in the worst case scenario, even death may be on the cards.  There is nothing wrong with being optimistic but, being prepared will provide a world of relief in any of those instances.

In the event of an unplanned exit or period out of the business due to illness or injury, you and your family need the right support to ensure the assets are retained.  We believe in the results that are achieved through properly planning for unexpected situations and know that at a time of need, not having to worry about what could happen is invaluable.

If you are looking for professional advice, free of commission and free of conflicts, please contact us, or give the team a call on 07 4783 5151.

Progressive Wealth Solutions is a Corporate Authorised Representative No.472911 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No. 466

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