The succession opportunity we cannot afford to miss
By Tina Zawila
Australia is approaching a significant generational change in business ownership.
At 30 June 2026, there were more than 2.8 million actively trading businesses across Australia. At the same time, our small business owner population is ageing. More than one in five small business owners is already aged 60 or over, while comparatively few are under 30.
For many baby boomers, the business they have spent decades building represents far more than a job. It may also be their largest financial asset and an important part of their retirement plan.
Unfortunately, succession planning is often postponed. Recent Australian research found that almost one-third of small business owners intend to retire within five years, but only 16% of those owners have a documented succession plan.
Without sufficient preparation, an owner may discover that the business cannot be sold for the value they expected. A business that depends heavily on the owner’s personal knowledge, customer relationships and daily involvement can be difficult for another person to take over. If a suitable buyer or successor cannot be found, a viable business may simply close.
That outcome affects more than the retiring owner. It can mean the loss of local employment, skills, trusted relationships and essential products and services, particularly in regional communities.
But this challenge also presents an enormous opportunity.
For younger entrepreneurs and aspiring business owners, purchasing an established business may offer a different pathway into ownership. Rather than starting from scratch, they may acquire an existing customer base, trained employees, operating systems and a proven market position.
Successful succession does not happen at the last minute. Owners need time to consider potential successors, strengthen management, document processes, understand the business’s value and address its legal, financial and taxation arrangements.
Whether you hope to sell, transfer the business to family or progressively hand responsibility to employees, the important first step is to begin the conversation.
For baby boomers, succession planning can help protect the value of a lifetime’s work. For the next generation, it may create the business opportunity they have been waiting for.
Now is the time to act.
Contact the professional team at UHY Haines Norton CQ on 4972 1300.
