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As we move into 2026, it’s a timely opportunity for business owners to step back, reflect on the year that’s been, and plan strategically for the future.

Succession planning is often associated with selling or retiring, but in reality, it’s about building a stronger, more valuable business, well before you need to exit. Having a succession plan in place gives you clarity and control. It allows you to maximise the value of your business and position yourself for a better outcome, whenever the time is right.

Starting a business takes courage. Sustaining and growing it takes strategy. Business owners are accustomed to managing risk and navigating uncertainty, and recent economic conditions have reinforced the importance of forward planning. For many, this has prompted a reassessment of long-term goals, exit strategies and timelines. Rather than reacting under pressure, 2026 presents an opportunity to take a proactive approach.

Transition may be a better option

Rob Young, Managing Director of Platform 1, works closely with business owners to help them achieve the best possible outcome when transitioning out of their business. His advice is to start by understanding the full range of options available.

There are five common succession pathways:

Closing the business and selling the assets
Selling to a family member
Selling to an employee
A straight sale to an external party
A gradual buy-out – the Platform 1 model

The Platform 1 model focuses on a gradual buy-out strategy. It involves identifying and developing a suitable manager early, then implementing a structured plan where they buy into the business over a period of three to six years.

The goal is to transition the owner out of day-to-day operations as early as possible by transferring key relationships and processes. Over time, the owner steps back from management and becomes more of an investor, rather than being central to the business’s operations.

Preparing for sale – what’s important

Whether you plan to sell in the near future or not, preparing your business for succession strengthens it overall. Key considerations include:

Getting your house in order – Put systems and processes in place so the business can operate independently of you and function as a standalone entity.
Maximising profitability – Ensure decisions are focused on building a profitable, sustainable business, rather than solely minimising tax in the short term. Profitability is a key driver of value.

Don’t put off your succession plan – even if you’re not ready to sell

Succession planning is most effective when it’s done early. Starting now allows you to build value over time and gives you more options when circumstances change.

It’s also worth remembering that retirement doesn’t have to mean stepping away completely. If your business can operate as an asset without your daily involvement, retaining partial ownership or transitioning gradually can be a viable and rewarding option.

Start 2026 with a plan

If you don’t already have a succession plan in place, now is the ideal time to begin the conversation. DFK Benjamin King Money can help you review your current position, clarify your options and put a strategy in place, so that you are set up for success in 2026 and beyond.