Business Succession Planning is an essential issue for all businesses to consider in their strategic planning, especially for those who own or are in key management positions.
What is Business Succession Planning?
Business Succession Planning is documenting the intentions of the owners of a business (you) as to what will happen should any personal or business interests change. The documentation will state what the succession of their business or interest in a business will be upon usually retirement or personal events such as death, incapacity, and illness.
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. This will assist with the business having minimal disruption and ensure a smooth transition of ownership and/or control.
Variations in this 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 and company constitutions.
We will work with you, your accountant, financial advisers and any other key stakeholders to ensure that all of your objectives are met, and your business capital is preserved into the future.
What should your next steps be?
Our team of experienced wills, estates and succession lawyers can assist you through what can often be a stressful and difficult task.
Contact our team today to discuss your succession planning or other wills and estates legal needs.