How MDB Taxation and Business Advisors Can Help You With Succession Planning

If you are a small business owner or a family business owner, you know how important it is to plan for the future of your business. You also know how challenging it can be to find and prepare the next generation of leaders for your business. However, succession planning can be rewarding, especially if you do it well and in advance. That’s why you need MDB Taxation and Business Advisors, a team of experts who can help you with all aspects of succession planning.

Why Do You Need A Succession Plan For Your Business?

A succession plan is an operational plan that prepares the next generation of leadership for your business. It is a process that helps ensure the continued success of your business by identifying and developing individuals with the necessary skills and abilities to take over key roles in the company.

Succession planning is critical to any business, yet it is often overlooked or put off until it is too late. According to the National Farmers’ Federation, there are approximately 134,000 farm businesses in Australia, 99 percent of which are family owned and operated. However, only 13 percent of these businesses make it through to the third generation1.



By having a succession plan, you can:

  • Ensure a smooth transition of leadership
  • Preserve the legacy and values of your business
  • Maintain the trust and loyalty of your customers, suppliers, employees, and other stakeholders
  • Avoid potential conflicts or disputes among family members or business partners
  • Minimise tax liabilities and maximise asset protection

How Can We Help You With Choosing And Preparing Your Successor?

Choosing and preparing your successor is another important aspect of succession planning for family businesses. Choosing your successor means finding the right person who can take over your business and lead it to future success. Preparing your successor means providing them with the necessary training, mentoring, and support to develop their skills and confidence.

However, choosing and preparing your successor can be difficult and emotional, especially if you have to deal with multiple candidates, family expectations, or personal attachments. That’s why MDB has a team of experienced succession planning advisers who can help you with these processes. Our job is to help you:

  • Conduct interviews with key personnel to identify potential successors
  • Evaluate potential successors and develop selection criteria
  • Develop a succession plan and implementation strategy
  • Provide succession plan training and support

Book an appointment with us today!

What Does Our Succession Planning Service Offer?

MDB’s unique Succession Planning Service offers a comprehensive solution for planning the future of your business. The service is designed to work with your existing business structure, whether it is a sole trader, partnership, Pty Ltd company, corporation, or other entity. We’ll work with you to evaluate your needs and goals and tailor a succession plan that fits your situation.

Our team of succession planning professionals will help you with all aspects of succession planning, such as:

  • Conducting a risk assessment of your business and identifying key issues
    Developing a vision and strategy for your business’s future
  • Creating a timeline and action plan for implementing your succession plan
    Communicating and consulting with all relevant stakeholders
  • Reviewing and updating your succession plan regularly

Some Features Our Service Offers Our succession planning service helps you plan for the future of your business in a proactive and effective way. We offer different services designed to assist your business, including:

  • Business valuation: We will work with you to determine the fair market value of your business based on various methods and factors.
  • Tax planning: We will work with you to minimise your tax liabilities and maximise your tax benefits during the succession process.
  • Estate planning: We will work with you to ensure that your estate plan is aligned with your succession plan and that your assets are distributed according to your wishes.
  • Legal advice: We will work with you to ensure that your succession plan is legally sound and compliant with all relevant laws and regulations.

Contact Us Today

If you are looking for a reliable and professional accounting service for your succession planning needs, look no further than MDB Taxation and Business Advisors. We are here to help you with all your family wealth protection, protection from divorce, choosing and preparing your successor, and other succession planning needs. Contact us today to find out how we can help you plan the future of your business.