If you are a business owner, regardless of its ownership structure it is a given that one day you will leave the business. Have you thought about how you will leave?
- Will you sell the business?
- Will you transfer it to your children, a business partner or employee?
- Will you simply close the door?
- Do you need funds for your retirement?
- If you need funds, how will you remove working capital from the business? Do you need to restructure?
- If you plan to sell your shares to your business partner, does your partner have the funds to buy the shares?
- Have you planned for the unexpected? What if you or your partner could not work? Do you have 'key person' insurances?
- Will some family members expect to inherit the business? If so, who will have control and is family conflict likely?
Our goal with the assistance of other professional advisors is to help you develop a transition plan to enable you to leave smoothly when the time comes and reduce the possibility of conflict.
We can advise you on all the necessary legal documents for your business such as a business succession deed, partnership or shareholders’ agreement, trust deeds, unit holder agreements, corporate powers of attorney, buy / sell agreements.
With the assistance of other professional advisors we can also help you to preserve your businesses for future generations while working to minimise the tax liabilities and other costs arising from such transfers.
For Business Succession Planning enquiries, please contact us.