Business Succession Planning
Planning your business succession is equally as important as your personal Estate Planning. If you are sensible enough to believe that you should have a valid Will and associated Estate Planning documentation, then you must recognise that this planning may be entirely wasted without adequate business succession planning.
If you are a sole trader, your business succession planning may be incorporated by provisions into your personal Will.
If you are in partnership, joint venture or have a company structure, then your business succession documentation will need to be separate and distinct from your personal Will. This may be in the form of appropriate clauses in a partnership agreement, a company shareholders agreement or a trust unit holders agreement.
By having appropriate agreements and machinery in place, you can protect the value of what you have been working hard to achieve.
When we are assisting clients with their business succession plans, we consider and discuss with our clients how the necessary funding shall occur.
This is essential because without future financial planning, the business succession arrangements are most likely to fail.
There are a variety of funding models available and we can discuss with you what model is most likely to meet you and your businesses’ needs.
If you need assistance with Business Succession please contact Malcolm McColm at McColm Matsinger Lawyers.
McColm Matsinger Lawyers
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