Family Business Succession - Planning for the future of your family business
Family Business Succession Planning
You may have created an estate plan for your personal property, but what about for your family business? For many of our clients, it is important to leave a secure legacy not only for family, but also for the business they have built during their lifetime. At The Estate Planning Centre, our succession planning lawyers value partnering with clients to develop comprehensive and efficient business succession plans that ensure longevity and sustainability.
What is a business succession plan?
A family business succession plan is a compilation of legal documents that provides for the continuity of a business in the event that a CEO or business leader resigns, retires, loses capacity or dies. In such an event, a business succession plan is ready to step in and manage issues such as the remuneration of employees, repayment of debts, transition of ownership, and changes in team roles.
Why should I make a family business succession plan?
A family business succession plan is a critical tool for ensuring that your business is secure and can endure intergenerational transition smoothly. Having a succession plan reduces uncertainty for stakeholders, and ensures that ownership and leadership of a business is passed on in accordance with your values and wishes.
What if I have a family business?
An intention for your business to pass to your next of kin is not enough to guarantee that your business will survive your retirement, loss of capacity, or death. Family businesses, like any other business, require succession planning to ensure that the business passes from generation to generation.
When it comes to family business succession planning, not everybody sees eye to eye. At The Estate Planning Centre, we facilitate conversations between family members to ensure that the succession plan reflects the values of the entire family and is suitable for all members.
How do I make a family business succession plan?
Working with a succession planning lawyer is the best way to ensure that your plan accounts for a wide range of financial, legal, tax, and social problems that may arise from a change in leadership. At The Estate Planning Centre, we are well-experienced in working with clients to develop business succession plans that are suited to their values and wishes. We work with all types of Australian businesses: small businesses, sole-traders and family businesses. We take a collaborative approach to construct a plan that meets the needs of your business.
Ready to prepare a family business succession plan?
Don’t put it off any longer. Contact us today at The Estate Planning Centre (office@theestateplanningcentre.com.au) or make an online booking using this link to arrange a consult with one of our succession planning lawyers and, together, let’s get it sorted.