Business Succession Planning
Adelaide Lawyers Helping Businesses Develop a Succession Plan
When considering a succession plan for your business there are a number of complex issues to consider such as taxes (such as GST, CGT, stamp duty,) liability of debts, control of entities, business structuring and wills to name just a few. Managing the ownership succession of your assets or just planning for an untimely accident or illness needs careful planning and consideration.
Nick Xenophon and Co. Lawyers can help develop a succession plan which provides you peace of mind that both your business and personal affairs will be in order when the time comes. We are also happy to work in conjunction with your Accountant or Financial Planner where necessary.
Why do I Need a Succession Planning for my Business?
Some questions that might arise for you, as a business owner, to assist in the smooth operation of your business should an untimely event occur include:
- Does a straight-forward Will make provision for family business and investment structures held by family trusts, family companies or self-managed super funds?
- Do you have a business plan so that in the event of accident or illness business decisions are carried out by the appropriate people?
- Does that business plan contemplate who the new directors of your family company or trustees of your family trust should be?
- Does your business plan cater for a smooth transfer of business assets in a fashion that is fair and reasonable to all family members and avoid potential conflicts down the track?
What is included in a Business Succession Plan?
- A Shareholder/Unit Holder/ Joint Venture Agreement that deals with:
- Control and ownership of the business
- Decisions of the business
- Liability for debts and loans of the business
- Distribution of capital and income of the business
- A Buy/Sell Agreement that deals with the buyout of a party.
- Insurance for all aspects of the business and its operations
- Personal estate planning. This includes Wills, Powers of Attorney and other mechanisms to ensure your business wishes are appropriately carried out
- Reviewing the suitability of current business structure.
Nick Xenophon and Co Lawyers has the skills, experience and resources to act as your trusted independent advisor for successful inter-generational wealth transfers and the appropriate structuring of your business to facilitate effective succession arrangements.
No Obligation Free Consultation
We welcome the opportunity to meet with you to discuss how we can assist with developing an appropriate business Succession Plan. To show you how we can provide you with practical cost-effective solutions and add value to your business, we offer you a free no-obligation initial consultation with one of our experienced business lawyers.
Call us now to talk about making arrangements for a successful Business Succession Plan on a no obligation basis.
You have nothing to lose and everything to gain.