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In business this is often one of the least thought about issues. Nobody likes to think about it, but it’s inevitable that one day you will move on from your business. Whether you decide to sell, retire or have to leave due to health reasons you must have a plan in place. A succession or exit plan outlines who will take over your business and on what terms when you leave.
A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.
A golden rule is to make sure your succession plan is attainable. You must set a realistic timetable, have measurable milestones along the way and stick to them.
A structured process needs to be adopted when approaching your business succession plan. Our team will involve your trusted advisors including your accountant, financiers and brokers.
The issues that will be addressed in the process will include retirement, management succession and the transfer of ownership. It is also important to consider the estate plan of current owners so that there is no inconsistency between their estate plan and the business succession plan.
Once your business succession planning objectives are identified our team will meet with appropriate professionals, review all appropriate documents, prepare the plan and then implement the plan by the preparation of the relevant documentation.
The Ferguson Cannon Lawyers Business Services team will clearly outline our fee structure and will provide you with a fixed fee quote.