In this episode of Resourceful, host Brett Cribb, Managing Director and Founder of Resources Unearthed, explores the complexities of business succession with three seasoned advisors: Craig Barry from William Buck Queensland, Craig Hong from Hill House Legal Partners, and James Marshall from Stratus Financial Group. Throughout this discussion, they explore various aspects of business succession, including tax minimisation, structuring for the future, employee share schemes, and the delicate balance of family transitions. This first part of a special series offers invaluable advice for business owners looking to secure a smooth and prosperous transition.00:00 Introduction00:22 Meet the Expert Advisors01:00 Common Business Succession Questions01:29 Understanding Business Succession Stages02:25 Financial Planning in Business Succession03:27 Small Business CGT Concessions06:13 Ownership Structures and Succession Planning11:26 Preparing for a Business Sale18:19 Internal Succession and Family Businesses21:02 Practical Issues in Succession Planning21:18 Internal vs External Talent Pool21:38 Cultural Fit and Internal Expectations22:25 Financial Considerations for Internal and External Candidates22:54 Due Diligence and Risk Management23:45 Family Dynamics in Business Succession26:13 Tax Considerations in Succession Planning30:20 Valuation and Business Worth32:56 Adapting to Business Growth35:18 ConclusionBrett & James: https://www.resourcesunearthed.com.au/ (https://www.resourcesunearthed.com.au/)Craig Barry: https://williambuck.com/ (https://williambuck.com/)Craig Hong: https://hillhouse.com.au/ (https://hillhouse.com.au/)