To plan for business succession, you need a comprehensive understanding of the business, the key personnel, and to really think about what would happen if you or your business partners retire, lose the ability to work or die.
Business succession planning requires the analysis of a complex mix of factors, such as:
Identification of all assets and liabilities
Establishing who owns or is responsible for those assets and liabilities
Investigation and review of the companies, trusts and related documents associated with both the business and the key personnel
Consideration of superannuation entitlements of key parties, and whether there are business assets owned by a superannuation fund
Control of superannuation - particularly self-managed superannuation funds
Taxation law
Succession law (inheritance, probate, estate administration)
Family members and relationship dynamics
Prior marriages and relationship breakdowns, including the implication of divorce and separation
Proper investigation and analysis of these issues, and the ability to craft all of these factors into a business succession plan, requires a clear understanding across the various areas of law, and years of practical business experience.
Our managing partner, Andrew Smyth, has literally written the book on this subject, co-authoring the Business Succession Law portion of the legal reference text “Estate Planning” published by the multi-national law publisher LexisNexis.
So, you can either buy the book, or come and see us (Andrew recommends you do both!).
We can discuss your case and identify how we can work with you to achieve the best possible outcome.
or call a trusted advisor today