| 59 World class, full service, boutique, medium enterprise business consulting Many business owners have been forced down a rocky road over the past few years as exiting their business has proven to be harder than expected. Getting expert help with your succession planning makes a successful exit much more likely. As an organisation, Bellingham Wallace strives to make our clients’ businesses better and to keep them safe. The MacEwans Pumping Systems journey is a prime example of how we can add value as a strategic business partner. We have worked alongside the shareholders for many years, and in recent times have assisted with their succession journey, from early development, through to modelling the funding for transition, to implementation. There are many steps or hurdles to overcome before your business may be attractive to the next wave of owners and to achieve a successful transition. Too often small to medium sized businesses do not take the time to check these items off resulting in the business never reaching its potential, succession not working, or worse the would-be next generation taking off frustrated with the lack of progress towards succession, leaving you with little to no options. Transitioning a business from one generation to the next is a multifaceted and often delicate process. It involves a unique blend of financial, strategic, and interpersonal considerations. The following are components to develop your initial checklist. • Define your succession goals and objectives, assess your business's current state, and develop a strategic plan for the succession process. • Review your options such as transferring ownership to family members, selling to employees or external parties, or implementing a combination of strategies. • Assess the financial impact of the succession plan, evaluate potential tax strategies, and develop a financial plan that supports the transition. • Determine the value of your business: it’s a critical aspect of succession planning, taking into account factors such as financial performance, market conditions, industry trends, and growth potential. • Manage family dynamics: they’re often one of the most important elements to successful succession and involve complex family dynamics and emotions, including establishing decision-making processes and addressing potential conflicts or challenges that may arise during the succession process. Our team is dedicated to working closely with business owners, such as Alan and Tom from MacEwans Pumping Systems, to craft a tailored succession plan that meets your goals whilst providing a fair value for the transition. We understand each business has its unique dynamics, challenges, and aspirations. Whether you seek to preserve a family legacy, optimise financial outcomes, or ensure a seamless transfer of responsibilities, we're committed to helping you achieve these objectives. A huge congrats to Alan and Tom, and the MacEwans Pumping Systems Team from Bellingham Wallace Consulting. Not many companies have the lineage of MacEwans with over 100 years of trading and experience from 1896 to today, and into the future. For any assistance or queries that you may have in relation to being Succession Ready, contact Mike Atkinson on 021 619 177 or mikea@bellinghamwallace.co.nz. Succession Planning: It’s a journey, not an event
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