Creating, developing and owning your own business is fast becoming everyone’s dream within Australia. There are many considerations that you must consider for the present and the future of the business, regardless of whether the business will stay within the family or not. Business Succession Planning is an important legal step that every business owner must undertake, or face potential problems in the future.
What is Business Succession Planning?
Simply put, business succession planning is documenting what will happen to the business and the intentions, should the business owners’ circumstances change in the future.
A business succession plan outlines what will happen and who will take over your business when you leave, whether by choice or by circumstances out of your control. The goal of business succession planning is to ensure there is a smooth transition if circumstances change, so that the business can continue to operate in it’s intended manner.
Whilst most businesses do not survive long after a change in key leadership, our team will assist in establishing a business succession plan to ensure the continuity of their business and the maximum returns to its owners.
Succession Planning is an essential issue for all businesses to consider in their strategic planning which in place ensures the long-term success of a business should something unpredictable happen in the future. A Business Succession Plan aims to identify the risks that the business faces and outlines strategies to minimise the risks.
We are experts in preparing business succession deeds which details the; who, what, when, why, and how changes in ownership and management are to be executed.
Variations in this business succession plan include where a buyout is funded by insurance on the death of a key principal, or the progressive buyout over a period of time on the retirement of a key principal.
We also review and prepare key documents such as:
- Partnership agreements;
- Shareholder agreements;
- Unit holder agreements;
- Share Sale agreements;
- Buy/Sell agreements;
- Business Sale agreements;
- Partnership Dissolution agreements;
- Succession agreements;
- Family Trusts;
- Discretionary Trusts;
- Testamentary Trusts; and
- Company constitutions.
What should you do next?
Our dedicated team can also provide assistance with your personal will which will safe-guard your business interests or any shares in other businesses you may have in the unfortunate event of your death.
Our team have over 25 years’ experience in assisting clients with their businesses and succession planning legal needs.
Contact our team today to discuss your business succession planning requirements.