Succession Planning
At Covisory, we understand that succession planning is not just about passing on assets or wealth. It’s about ensuring the longevity of your business and protecting the future of your family and stakeholders. Our approach is simple and holistic: we listen to your needs, evaluate your unique circumstances, and develop a tailored strategy that meets your objectives.
Every family and business are different, so we do not rely on generic checklists or cookie-cutter solutions. Our experienced team will work with you to understand your goals and guide you through the complexities of succession planning, ensuring a seamless transition for your business and personal assets.
How Covisory Can Help You
Succession planning requires a multi-faceted approach, and we cover all the key areas to ensure your transition is smooth and well-executed. Here’s how we can assist you:
1. Identifying Successors and Preparing the Next Generation
We help you assess whether future generations are ready to take on leadership roles within the business or manage family assets. Our team provides guidance on developing leadership skills and ensuring your successors are adequately prepared for the responsibilities ahead.
2. Business Valuation and Exit Strategy Development
Understanding the value of your business is crucial when planning a succession or exit strategy. Covisory can assist you with business valuations, helping you explore all options, whether passing the business on to family, selling to a third party, or a partial buyout.
3. Tax Planning and Legal Considerations
Navigating the complexities of New Zealand's tax laws is essential for a successful transition. We provide expert advice on the taxation implications of your succession plan, ensuring that you and the next generation can confidently move forward.
4. Addressing Family Dynamics and Conflict Resolution
Family businesses often face emotional and interpersonal challenges during succession planning. Our team offers strategies for addressing potential conflicts, facilitating open communication between family members, and ensuring a cohesive vision for the business's future.
5. Risk Management and Insurance Solutions
We help safeguard your business by reviewing your current risk management strategies and ensuring adequate insurance coverage is in place. This protects your business from unforeseen disruptions during the transition process.
6. Planning for Key Non-Family Employees
Retaining key talent is essential for business continuity. Covisory works with you to develop plans that incentivise and retain essential non-family employees, ensuring the ongoing success of your business during and after the succession process.
7. Trust Structures and Wealth Preservation
Our expertise extends to reviewing and designing trust structures that will enable wealth and assets to be passed down to future generations in a secure and tax-efficient manner while avoiding the pitfalls of entitlement and preserving family values.
Why Choose Covisory?
At Covisory, we pride ourselves on providing practical, tailored advice that addresses the unique challenges of succession planning for small to medium-sized businesses in New Zealand. We understand the complexities involved and work closely with you to develop a strategy that balances family dynamics with business objectives.
Whether you are looking to ensure the continued success of your business, protect your family’s wealth, or develop the next generation of leaders, our team is here to guide you.
Let Covisory help you create a clear, structured succession plan that secures your legacy and sets the next generation up for success. Contact us today to start the conversation.
Contact our Succession Planning experts to discuss your needs and to see how we can assist.
