Succession planning: avoiding future problems

Article Abstract:

Business owners who do not have a good succession plan may be liable for debts generated by their business even when the owners have retired. An Australian case involving STS Ltd found that a women who owned a business but who no longer oversaw day-to-day operations was still liable for the corporate debts. The woman was still a director of the company that owed money to STS. To prevent liability, owners should make sure they cut off all ties to the business, or they should at least pay attention to how their business is managed.

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Y2K planning and analysis for SMEs

Article Abstract:

A survey by the Australian Bankers Assn found that 75% of small businesses have not done anything about the year 2000 computer problem and 50% do not plan to do anything. A total of as much as 10% of small and medium Australian business enterprises could fail because this computer problem could interrupt cash flow.

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Future bleak for SMEs on road to succession

Article Abstract:

Many of the small business owners depend on their enterprise to fund retirement. But there are also owners who believe that they will struggle to sell, signalling a bleak future for some looking to a comfortable retirement.

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