INTHEBLACK October 2021 - Magazine - Page 62
P U B L I C P R A C T I C E F E AT U R E
// S U C C E S S I O N P L A N N I N G
AT A G L A N C E
Small businesses make
up about 70 per cent of
Australian companies
and account for about
50 per cent of the
country’s workforce.
More than 60 per cent of
small business owners are
approaching retirement,
but many of them have no
documented succession
plan in place.
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62 ITB October 2021
Instituting a succession
or transition plan can be
a complex and emotional
process that needs to be
worked through carefully
to ensure the needs of all
concerned are met.