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Clare SA
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ARTICLES >> Working on your Business

Succession planning for best outcomes

Posted by Bestprac on Jun 06 2013

By Pene Keynes

Katherine Vincent, Senior Associate from Johnston Withers has seen the best and worst scenarios for succession in farming businesses and at 'Looking Beyond the Horizon' she was willing to share.

Katherine VincentParticipants benefited from her knowledge and candid descriptions of these. Although it is often uncomfortable at the time, she stressed the importance of proper planning for all possible scenarios.

She highlighted specific areas that the participants should be aware of, when it comes to planning for the future, including:

  • Understanding your own business structure,
  • Life insurance,
  • Having up to date wills and power of attorney, and
  • Understanding best and worst case scenarios.

She urged participants to strongly consider having a law firm, insurance firm, accountants and financial advisors that all work together to achieve the best outcomes for the future. She has seen first hand that problems can be avoided with proper planning, before an unforeseen event occurs.

Visit the Johnston Withers website for more information and for how to get in touch with Katherine

 

Last changed: Jun 07 2013

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