Business succession planning involves considering and implementing appropriate strategies for the transfer of management and control of a business from one person to the next. It is also intended to ensure that a business can continue to operate and prosper regardless of the person who is at the helm of the organisation or operation.
Who should make a Business Succession Plan?
Business succession should be considered by anyone with a:
- Small, medium or large business;
- Family business; or
- Privately-owned business.
Ideally, a Business Succession Plan should be considered early in the life of the business and revised as the business matures and circumstances change.
What should it Include?
When planning for the future of the business, it is important to consider what issues could arise in the longer term, so that you can identify ways to avoid them early on.
A tailored and appropriate Business Succession Plan should cover:
- Ownership structures of business assets;
- Timing when control is to pass from the current owners to the next; and
- Ensuring a smooth transition so as to not affect the operational aspects of the business.
At Tetlow Legal we take a holistic approach to business succession and believe that any plan should be supplemented by carefully considered Wills and Powers of Attorney.
Tetlow Legal specialise in preparing succession documentation, including:
- Shareholder Agreements;
- Partnership Agreements;
- Buy-Sell Agreements;
- Succession Deeds;
- Wills; and
- Superannuation Binding Death Benefit Nominations (where applicable).
We work collaboratively with accountants and other advisors to ensure an efficient and effective succession plan.