As a business owner you work long and hard with the expectation that you are building long-term value for yourself, your business partners and families.

Ultimately your ability to achieve the maximum value possible will depend largely on your ability to extract business value at some point in the future. What triggers that transition will be either a planned event (retirement) or an unplanned event (such as the dissolution of business, the death or serious illness of yourself or one of your business partners).

All too often the process of Business Succession is unplanned, and it is therefore not surprising that few business owners ever receive the anticipated value upon exiting their businesses.

This arises because there are many assumptions made that have not been tested or challenged until it's too late, and it is therefore not possible to prevent or improve the outcome. Often it is only when your assumptions are tested, that we find that the certainty we had hoped for doesn’t really exist.

The Goldridge Business Succession review process is designed to uncover all the assumptions, issues and make recommendations regarding any uncertainties and gaps we uncover.

Business insurance isn’t the solution, planning is. Insurance provides only a very small part of the total solution required, triggered by health-related events to provide the necessary funding to allow all business parties to follow a predetermined business succession plan. Other circumstances, such as the dissolution of your business arrangements through an unexpected resignation, divorce or early retirement, or even an expected retirement, can put undue financial pressure on the business and its remaining partners.

This is when business owners can find that the value of their many years of hard work and sacrifice can be quickly reduced through no fault of their own. With this loss in business value, often also go the goals, dreams and future aspirations, as well as the comfortable retirement lifestyle planned for.

Working with a Goldridge financial adviser will provide you with certainty following uncertain events.