Succession Planning for your Business – provide a smooth transition
Succession Planning for your Business determines what will happen and who will take over your business when you leave, whether that happens by choice or by circumstance.
The aim is to provide a smooth transition. Whilst each business is different, some of the considerations for all businesses are the same and you will need to assess the goals and objectives of all parties, including:
- Ongoing income from the business
- Any potential future involvement
- The impact on members of your family
Your potential successors need to be carefully identified and in particular you need to consider:
- Their capability, needs, commitment, skills and experience
- All financial implications including Capital Gains Tax, Stamp Duty and Income Tax and retirement income planning
- Contingency planning in case of catastrophic injury or death
- Corporate structure issues including the roles and responsibilities of current family members and employees
- Business valuation
- Your exit strategy including the training or mentoring of your successor timing and effective transfer
Business Succession Planning is complex and spans many interconnected arenas: legal, financial and business management.
Make an appointment with Stuart Garrett Lawyers today to discuss your Business succession plans with one of our experienced business lawyers. We can assist you to achieve the best outcome.