Succession planning is a key strategy for all small business people. It is important to plan ahead in relation to things like who will take over your business, how they will pay (if they will pay) and when they will take over.
Planning needs to be done in advance, in some cases many years before retirement, to ensure you are able to access all available concessions and ensure the transactions are as tax effective as possible.
Even Mum and Dad with properties or investments still need to have a look at these issues before retirement to ensure they are going to get the most they can upon retirement. Not only is succession planning tax effective for you, but if done right it can beneficial for you successors too.