THE FUTURE OF YOUR BUSINESS

You’ve built your business from the ground up. Late nights, early mornings, and more cups of coffee than you’d like to admit. But what happens when it’s time to step back? At Hills Accounting Hobart, we can help you with that!

That’s where succession planning comes in - your business’s game plan for the future. Without it, you’re rolling the dice on everything you’ve worked for.

What is Succession Planning (And Why Should You Care)?

Succession planning is not just for billion-dollar corporations. It’s the process of deciding who will take over when you leave (whether by choice or not) and how they’ll do it.

Without a plan, your business could face financial instability, legal headaches, or—worst case—cease to exist.

Key Ingredients for a Solid Succession Plan

Think of succession planning like baking a cake. You need the right ingredients in the right order, or things get messy. Here’s what you need:

1. Identify Your Successor(s)

• Got a family business? Not every relative is leadership material (sorry, Uncle Dave).
• Have a rockstar employee? Great—but are they ready to run the whole show?
• Considering selling? Finding a buyer takes time, so plan ahead.

2. Train & Prepare Your Replacement

• Think of succession as a relay race—don’t just drop the baton.
• Create step-by-step guides for key business operations.
• Give potential successors real responsibility now, so they learn on the job.

3. Set a Timeline for Transition

• No one wants a “surprise retirement”—especially not your team or customers.
• Set a realistic timeframe: Will you leave in 5 years? 10? Phased exit or full break?
• Prepare for unexpected events (illness, accidents, sudden offers).

4. Sort Out the Financial & Legal Side

• Structure the transition to minimise tax headaches.
• If selling, ensure the business is financially attractive to buyers.
• Get your legal documents in order—ownership transfers, agreements, contracts.

Biggest Succession Planning Mistakes (And How to Avoid Them)

🚨 Ignoring it altogether → Leads to chaos, confusion, and a business that might not survive.
🚨 Waiting too long → Transitions take time. Don’t leave it until it’s too late.
🚨 Not communicating your plan → Keep key stakeholders (family, employees, investors) in the loop.

Need Help With Business Succession Planning?

This isn’t something to DIY after watching a few YouTube videos. A well-thought-out succession plan protects your business, your legacy, and your hard-earned assets.

At Hills Accounting, we help small business owners develop smart, stress-free exit strategies—whether you’re planning to sell, retire, or pass the torch.

👉 Contact us today for expert advice on succession planning that actually works.

Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.

Talk to Kathy and the team today and stay ahead with Hills Insights.
Call Now! 03) 6273 7800, or email admin@hillsaccounting.com.au