Thinking about the future of your business doesn’t mean stepping back, it means stepping up to protect what you’ve built. Whether you’re nearing retirement, preparing for a sale, or simply planning ahead, a smart succession plan gives you peace of mind, clarity, and control.
At Matthews Steer, our experienced business advisors are proud to partner with private business owners like you to create clear, practical strategies that safeguard your legacy and future growth.
What is Succession Planning?
There is more to succession planning than just handover or handing down to the next generation. It’s a long-term strategy to ensure your business thrives beyond your leadership. It supports smooth transitions when key team members step down, retire, or if your business changes hands.
Whether your business stays in the family, is sold to a trusted team member, or transitions to a new owner, having a plan in place helps protect its value, people, and future.
Why Succession Planning Matters
Without a plan, unexpected changes can bring disruption, uncertainty, and financial risk. With one, you gain structure, stability, and the ability to act with confidence. It also helps your people feel secure and invested in the future.
Our business advisors work with business owners throughout Melbourne, Ballarat, Geelong and Bendigo and are here to walk you through the process, ensuring no detail is missed, because when it comes to your life’s work, every step matters.
5 Succession Planning Practices for Private Business Owners
- Start Early
Succession planning isn’t just for when retirement is around the corner. Starting early gives you time to explore options, identify potential successors, and prepare your business for a smooth transition on your terms.
- Develop Talent from Within
Often, the right successor is already part of your story. Whether it’s a family member or a key team member, identifying and nurturing future leaders with mentoring, training, and opportunities helps ensure your values live on.
- Document Roles and Processes
Don’t leave it to guesswork. Clearly outlining key roles, responsibilities, and business operations provides clarity and support during transitions. It also helps successors step up with confidence.
- Communicate the Plan
A well-designed plan means little without communication. Share your vision with your leadership team, involve key stakeholders, and trial your plan where possible. Revisit and refine it regularly to reflect changes in your business or goals.
- Get Your Financials in Order
Financial transparency is vital, especially if a sale or restructure is on the table. With the support of a financial team, you can ensure your financial statements are up to date, mitigate tax implications, and set up a seamless ownership transfer.
Protect Your Legacy with Trusted Advice
Succession planning can feel overwhelming, but it doesn’t have to be. With the sound advice and a proactive mindset, you can protect everything you’ve worked for and set your business up for lasting success.
At Matthews Steer, we guide private business owners through every stage of succession planning, from goal-setting to financial structuring. With our team helping businesses owners across Melbourne, Geelong, Ballarat, and Bendigo, we’re proud to support businesses of all sizes in building sustainable futures.
Let’s plan your next chapter together.
We take the stories that led you here today and help you get to where you want to go next, efficiently and effectively. Book a free consultation here.
Published August 2025