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Succession & Exit Planning for your Firm 2025
Published: 12-02-2025
Authors: Warwick Deuchrass, Kane Smith, Sue Styants
Pages: 10
Price From
NZ $45.00
This book is only available in PDF format
Authors: Warwick Deuchrass, Kane Smith, Sue Styants
Published: 12 February 2025
Pages: 10
Introduction
The key to a successful retirement/exit strategy is to make a decision, set a date and stick to it. It is crucial to set this date well in advance, so that you have sufficient time to action and meet all exit requirements by the date you have set and avoid the temptation to chicken out and defer.
In my case I had started giving serious consideration to retirement timing when I was 62, initially aiming for June 2023 when I turned 65, but eventually deciding the end of a financial year would be a cleaner termination date for GST de-registration and other related accounting matters. Finally in January 2023, when I acknowledged to myself that it was time “to call time” I set the 31 March 2024 as my date of retirement and immediately started on the planning. I remained resolute throughout the process to exit on this date. In addition to timing the other decision I made was to wind up the practice and close the doors, rather than sell or merge with another firm – my reason for that was that I wanted a clean exit without the need to hang around as a consultant. (Continued...)
Content outline
- Planning for retirement and an orderly exit
- Retirement from a firm
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| Warwick Deuchrass Retired Lawyer Queenstown |
Kane Smith Law Society Inspectorate Christchurch |
Sue Styants Retired Lawyer Auckland |