Institute of Directors panel discussion on succession planning
Duncan Cotterill's Christchurch office recently hosted the Institute of Directors panel discussion on succession planning. Chaired by our commercial partner Paul Dorrance panellists included Gabrielle Purchas (Managing Director, WooHoo NZ Tax Refunds), Fergus Lee (Head of Capital Solutions, ASB), Sinead Horgan (Director, Morrison Horgan) and Peter Cox (independent director), provided guidance for directors assisting owners, managers and shareholders with succession planning in small and medium size businesses.
Research indicates that up to 40% of business owners will be looking to retire in the next 5-10 years. A large number of SMEs don’t survive into a second or third generation but businesses that plan for the future have a higher survival rate. This highlights the importance of doing quality long-term succession planning well in advance of retirement or exit of current owners.
Read the resource collated from the event here.