Succession Planning Advisory Services in Oakleigh

Looking for succession planning services in Oakleigh?

Look no further than Mint Financial Solutions. We offer straightforward accounting, taxation, and bookkeeping services that will you make smart decisions with your money. We are experts in our field, and take the time to understand your needs, constraints, and values so you can achieve financial security.

  • Buy-Sell Agreements

  • Finances

  • Timing and Funding a Plan

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Leave your business and family better off

You have your own business. Even if you don't want to think about it, you will have to leave your business one day, whether it's for health reasons, retirement, or a new opportunity. When that time comes, whether you want to sell your business to an outside partner or pass it on to the next generation, a succession plan made and used to fit your personal financial and lifestyle goals will make sure the transition goes smoothly and to your greatest benefit.

Succession Planning You Can Do Now

Don't wait until the last minute to plan for who will take over. A succession plan that is set up early can be very helpful if something unexpected happens, like a permanent disability, illness, or death. This can help avoid future stress and conflicts. Planning ahead also helps you get the most out of your business.

What To Consider When Developing A Succession Plan

When you decide to set up a succession plan, there are some important financial things you should know and think about:

  • Risk Management
  • Sale Price
  • Legal Considerations
  • Tax Implications
  • Retirement Income
  • Wills or buy-sell agreements

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Why is it important? Business Succession Plans from Mint Financial

How would your business fare without you? Most business owners want their business to thrive when they depart, whether it's in the hands of a family member or a new owner.

In the event of retirement or an unexpected incident, succession planning addresses who will operate your small firm. A good succession plan outlines the future of your organisation and its employees. A succession plan secures your business's future.

Buy-Sell Agreements

A buy-sell agreement gives surviving owners the ability to buy out a leaving owner on prearranged terms after a triggering event. Trigger events include retirement, resignation, criminal conviction, bankruptcy, death, and incapacity.

Funding the Plan

Succession plans should include strategies for how to pay for buying out the interests of the owners who are leaving. Bank loans, vendor terms, the sale of business and/or personal assets, or the location of a third-party buyer are all possible ways to get money. The money from the insurance may also be used to buy the owner's share of the business, keep the business going, and make up for the loss of profits caused by the loss of a partner or owner.

Other considerations

Business succession planning is a very complicated subject, and you should talk to a financial planner, a lawyer, and an accountant for help. Capital gains tax reduction strategies, an appropriate valuation method, whether or not the funding mechanism is enough, and the ability to transfer insurance to the new owners should all be taken into account.

Key Person Risk

The Key Person Risk can be managed more effectively with the assistance of Mint Financial. Every company relies on a very small group of "key individuals" to supply the ideas, initiative, and talent that ultimately result in the creation of the company's value. The unexpected death of a key employee can have a devastating effect on a company's profitability and worth. In order to safeguard themselves against disaster, businesses should invest in proper key person insurance.

Most business owners always insure their business assets, but they often forget to insure their key revenue-generating staff and themselves. These key people give the business its value, keep the doors open, and keep the cash flowing; without them, their businesses would go backward or even fall over.

With the right key person risk management strategies, you can help protect your client's past and future life's work, avoid financial disasters, and keep control, certainty, and cash flow. You can work with your preferred life and key person insurance partners and work with Mint Financial Solutions to help your clients manage your key person risks.

Who your replacement will be and how you will get them ready to take over?

It's important to make sure that your business's next leader is the most qualified person with a strong passion for and drive for business. Only then can the business be led effectively towards its mission and vision. If you think the person you want to hire isn't quite ready to run the business, it's also helpful to have an idea of how to train them.

Succession Finances

If you plan on selling your company, you will need to have a solid comprehension of the value that the company holds and how it should be valued. During this period of change, does your company need to comply with any tax obligations? While the company is in the process of transforming, would it be possible to take advantage of any undiscovered financial opportunities? What specific steps will you take to strategically reduce potential financial losses? These are some of the factors that Mint Financial may help you plan for if you sign up for their services.

Timing and organisational operations elements?

Business succession planning helps you outline the tasks and responsibilities of your successor and the timetable for your transitions. This could include modifications to business structures and hierarchies, position restructuring, or rethinking internal management processes. This ensures a smooth transition for leaders, employees, and customers.

Succession Planning Considerations How can Mint Financial Help You?

A thorough Business Succession Plan is essential for transferring your business to a successor. When you organise your plan early, your firm will be ready for future obstacles. Crafting a succession plan carefully can help you handle a range of elements to assure your business's best future.

Let Us Planning Today So There Are No Worries Tomorrow

Mint Financial offers a one-stop service because they know how stressful it can be to sell a business and make a good exit plan. This way, you can safely move on to the next part of your life.

You only pay for the succession planning services or advice you want from Mint Financial Solutions. Before any work is done, all fees for the chosen services are clearly written out and explained. Also, our model gives our financial advisors the freedom to focus on developing advice-centered, not product-centered, approaches, so there's no reason to pick products based on bias.

To talk more about how important it is for your business to have a succession plan or how we can help you maximise the value of your business while minimising taxes and transaction costs, please contact us to set up a meeting with one of our financial advisors. Our offices are in Oakleigh, which is a convenient place. If necessary, we can also set up online meetings.

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See what our clients say about our Financial, Accounting & Lending services

Nash Nwz
Nash Nwz
09:31 20 May 22
Hishan and team were great to deal with. They provided us with a thorough review of our options and got us the best deal for our situation making the whole process simple and easy. I highly recommend their services.
Anne Gartshore
Anne Gartshore
01:08 25 Mar 22
We have been dealing with Hishan and his team for over a year now with our superannuation and planning advice. Very happy with the path that they recommended to us and the performance in the past year, especially during such a trying time globally. Would not hesitate to recommend.
Babak Bozorgy
Babak Bozorgy
21:09 12 Oct 21
Professional service, friendly and quick to respond. Highly recommended!Thanks guys, keep up the good work!
Tom Sharp
Tom Sharp
05:06 07 Oct 21
A million thanks to Mint Financial Solutions in resolving the issues withCentrelink having cancelled the Age Pension Payment and Benefits for over 15+ weeks, actually last payment was early June. Next Payment received 4th October due to the professionalism at Mint Financial Solutions. Thanks to the Team at MFS from Rhonda & Tom Sharp : it good to know that MFS know how to do it better than any.
Mike oppedisano
Mike oppedisano
07:07 21 Aug 21
We have been clients of Mint Financial Solutions for the last twelve months; The team is very professional and friendly in their approach to us the customer, with lots of knowledge and experience. They helped us make an informed decision with our investment. At that time, we were not sure what we were going to do with our money.The plan laid out by Hishan and his team clearly set goals and rewards. These have been proven and very beneficial over the last twelve months. The growth was even more than what was predicted.We are especially happy with Hishan, Marlon and the rest of the Mint Financial Solutions team and very grateful for their help. More people should be made aware of the expertise and assistance they could provide.
Wolfgang Doehnert
Wolfgang Doehnert
03:51 18 Aug 21
In the 12 months this Company was engaged to continue as our financial advisors we have been extremely satisfied with their performance financially and in quality of service. Our unusual needs and fast response was met. The team and I say team because if someone is away there has always been another person to actively respond in a timely manner. Well done to the frontline staff and in particular, the back office staff, for their help and support during these COVID times.
Nishan Joseph
Nishan Joseph
01:16 22 Apr 21
I have been using the services of Mint Financial Solutions since its inception, and I am truly grateful and appreciative of the professionalism and care they take when recommending services to me, only providing what is reasonable and relevant to my situation and circumstances. A key stand out on the team is Crystal Nguyen who has been helping me over the last few years in order to get approved for a refinance application. Her patience, dedication and level of professionalism is beyond remarkable, I am extremely appreciative of the hard work she has put in for my case, despite many setbacks we finally got there in the end. Thank you very much Crystal.
Kaye Baynes
Kaye Baynes
07:38 10 Mar 21
Hishan and his team have always given the best service and advice always available and nothing is to much trouble .
Ramesh Navaratne
Ramesh Navaratne
22:55 27 Jan 20
I started a conversation with Marlon at Mint Financial services over 8 years back and since then he had assisted me in many insurance related and investment related transitions. The advice and the systems put in place by Marlon and the team came in handy when about two years back I had a health and financial issue in the family. Am I glad that he prepared me and gave me the correct advice at that time and if not for Marlon and the team I cannot imagine the sate of my family given commercial stability defines all other day to day problems that you need to deal with. Wish the team all the best and can recommend them highly of the professionalism and excellent service.
Sherone Algama
Sherone Algama
12:50 22 Jan 20
I have received invaluable financial advise and tailored solutions over the past two years from Marlon De Kauwe; and would like to commend on the professionalism & dedicated service i was provided with; which indeed was value for money.Thanks Marlon.Prasad Algama
Shabnam Bozorgi
Shabnam Bozorgi
21:29 09 Oct 19
I have been using their service for years now, their team have manages my tax and home loan, very professional and committed, I couldn't ask for more, always responsive, and can handle complicated cases very well.
Imran Wahid
Imran Wahid
05:57 20 Sep 19
The best place to get financial advice,I am really satisfied with services.I got all from tax return to super annaution and investment all in one office.
Saliya Gunawardena
Saliya Gunawardena
20:27 03 Apr 19
Hishan and the team at Mint Financial Solutions have been amazing to deal with. They helped me refinance and obtain a very competitive interest rate on my mortgages. I highly recommend Mint Financial Solutions, they are professional, committed and can get you the right outcome you seek!
Brent Germain
Brent Germain
05:19 02 Apr 19
Hishan and The Team at Mint Financial Solutions have been brilliant, helping me every step of the way (and keeping me in the loop) in obtaining a homeloan to build my dream home. Very happy with the high level of service and professionalism shown!
Nigel Sewera
Nigel Sewera
03:43 26 Mar 19
Hishan and his team have given me great guidance and honest advice with all Financial matters, most recently with all the help and support they provided with my mortgage.Mint Financial Solutions are always extremely professional and reliable and provide great customer service. I highly recommend them
neela unadkat
neela unadkat
08:18 25 Mar 19
I am a retired banking officer and I have found Hishan Naufal and his team to be extremely efficient prompt and thorough. Very useful and grateful to him and all his team for all the guidance and advise we have been given . They are very upfront and fair with their advise . My whole family seek his expertise and I have recommended Hishan and his company to many of my friends and colleagues who have been grateful for recommending him.Well done Mint financial Solutions keep up the good work 👏😊
Steve P
Steve P
23:42 31 Jan 19
I have had the pleasure of engaging Patrick to assist me in a number of complicated financial matters. He is punctual, efficient and above all else provides excellent service, which has helped me secure my financial future and saved me stress and from a financial standpoint. Give him a call as he is great value.
Avelyn Miranda
Avelyn Miranda
05:18 17 Aug 18
Hishan and his team were excellent from start to finish with my recent property purchase. Mint Financial Solutions have been my financial planners for the last 4 years and I highly recommend them for service and cost.
Don Australia
Don Australia
00:24 06 Jul 18
Thank you Hishan for your never ending support the past 2 yrs. Very talented team and extremely fair rates. These guys are definately the go to for any brokering or mortgage needs.
Amal S.Z.
Amal S.Z.
02:32 05 Jul 18
One of the most trust worthy and competent financial adviser I have ever come across. Can always trust Hishan and his team to give sound and honest guidance in all financial matters. Thank you!
Three13 Group
Three13 Group
02:22 05 Jul 18
Thanks Hishan for assisting us with the restructure and land settlement. Good to have a great business partner to count on when the time calls for it.
Ali Kazemi
Ali Kazemi
02:20 05 Jul 18
Hishan and his finance brokerage team have helped me get a mortgage for a property most thought would be too complex to do (using different legal structures). Competent and highly responsive team!
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Mint Financial Solutions FAQ

What is a business succession plan?
Succession planning involves creating a plan for someone to either own or run your business after you retire, become disabled, or die. In simple terms, succession planning is the process of passing control of the business to others. Here are some steps to take for succession planning.
What is the importance of succession planning in a business?
Succession planning is an important part of the talent management process. It provides a way to identify key roles, people with the right skills and positions that may need filling in a short space of time. It also provides a way to cut the costs of recruitment, enabling organisations to manage recruitment in-house
How do Organisations implement succession planning?
Succession Planning and Management Five-Step Process
  1. Identify Key Areas and Positions.
  2. Identify Capabilities for Key Areas and Positions.
  3. Identify Interested Employees and Assess Them Against Capabilities.
  4. Develop and Implement Succession and Knowledge Transfer Plans.
  5. Evaluate Effectiveness.
What is the objective of succession planning?
The key objectives of succession planning are to ensure continuity, identify critical positions, understand the organization's competency levels, recognize the potential and workforce development, and get valuable insights into the workforce and departments.

We'll Secure Your Future Without Sacrificing Your Present By Helping You Plan & Achieve Your Financial Goals

Strategic financial planners that understand what is important to you, and guide getting you to where you want to be. Paying off debt, buying a house, starting a family? or a dream retirement? We can help get you there. Book your free appointment!

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