Succession planning is one of those topics that everyone agrees is important — yet too often, it’s pushed aside for “later.” But leadership change is not a matter of if; it’s a matter of when. Whether leading a family enterprise, a professional practice, or a growing private business, the way that transition is managed will shape what happens to everything that’s been built.
Much like a lion leading its pride, strong leadership is about more than the present moment — it’s about preparing the next generation to step forward with strength and confidence. A well-considered succession plan ensures that what’s built today can stand tall tomorrow.
A strong succession plan isn’t just about naming a successor. It’s about putting something solid in place — a structure that protects the business, the people who rely on it, and the legacy that’s been built through years of hard work. It gives the next generation — whether that’s family, trusted employees or external leaders — the clarity and confidence to carry the business forward.
Why Succession Planning Can’t Wait
Every business will face a leadership transition eventually. Some will navigate it smoothly. Others won’t. The difference usually comes down to preparation.
A thoughtful, well-timed plan can:
- Keep the business running without disruption.
- Protect financial and operational value.
- Provide a clear framework for decision-making in uncertain times.
- Minimise legal, tax and operational risks.
- Strengthen trust and confidence among staff, clients and partners.
Succession planning isn’t just another task to tick off — it’s a smart, strategic investment in the stability and reputation of the business.
Building a Plan That Actually Works
Good succession planning isn’t about handing over a title. It’s about making sure the business can continue to thrive.
That means:
- Defining clear objectives – knowing what success looks like in 5, 10 or 20 years.
- Choosing successors carefully – whether that’s family, internal talent or external candidates.
- Putting solid governance in place – so roles, responsibilities and decisions are clear.
- Managing tax and ownership transitions wisely – to protect both the business and the people behind it.
- Preparing for the unexpected – illness, retirement, or sudden departures.
- Communicating openly – so stakeholders feel informed and involved.
Just as a cub learns through guidance and example, future leaders need time, support and a clear path to grow into the role.
Why Accountants Sit at the Heart of Succession
Lawyers may handle agreements and financial planners may manage investments, but accountants often have the clearest view of how a business really runs. They understand the structure, the risks, and the numbers that hold everything together.
A skilled accountant can:
- Structure ownership so the handover is smooth.
- Manage tax implications and protect wealth.
- Review cash flow, valuations and funding strategies.
- Work closely with legal and financial advisers to keep everything aligned.
- Tie succession planning into broader estate and retirement strategies.
This isn’t just about compliance or paperwork — it’s about keeping the business strong long after leadership changes hands.
Timing Matters
One of the most common mistakes is waiting too long. A solid succession plan takes time to shape — not because of documents, but because people and businesses need time to adapt. It gives future leaders room to grow into their responsibilities and gives everyone around them confidence in the future.
And just like a business itself, a succession plan shouldn’t sit on the shelf. It needs to be reviewed and adjusted as things evolve.
Planning for Strength, Not Just Survival
A good succession plan doesn’t just keep the lights on. It preserves the culture, protects the value, and sets a clear path for those who will carry it forward.
Like the bond between a lion and its cub, it’s about strength, protection, and the continuity of leadership over time.
At UHY Haines Norton Brisbane, the focus is on creating practical, tax-effective strategies that reflect real business goals. Succession isn’t about walking away — it’s about making sure what’s been built stands strong for many years to come.
