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NEWS - PLANNING
Succession planning for small business owners
12/14/2005
Small business owners who are aged over 50 will soon have access to specialist succession planning and retirement advice, following the launch of a new grant by the Australian Government.
The grant - Building Entrepreneurship in Small Business program - includes a new category in business succession planning.
The program now offers grants ranging from $50,000 to $300,000 to expert service providers who can provide training and advice to maintain business continuity for small business operators looking to exit their business.
Minister for Small Business and Tourism, Fran Bailey, said many of Australia’s small businesses will need new owners in the next 10 years since business owners are ageing and it is time to begin addressing this issue.
Recent research conducted by CPA Australia revealed that half of small business owners are depending on their business for their retirement funds, yet only 38 per cent have a succession plan.
Further information
• Visit the AusIndustry website
• View CPA Australia's Succession and Exits survey
Reproduced from CPA Australia - 12 Dec 2005
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