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Business Succession Planning

Business succession planning is just as important as having a Will or Power of Attorney. You have worked hard to build up your business assets and unless you have a succession plan in place this may all be lost. We have a team of experienced lawyers who understand when and how to put effective business planning in place for you, whether you are a sole trader, partnership, joint venture or in a company. We have the business experience to help you.

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When should it be done?

The old Chinese proverb about when to plant a tree comes to mind.  Ideally you would address your business succession plans when you are in the process of establishing your business.  Certainly, with business partners, there will never be an easier time to agree upon succession issues than right at the start.

However, if you do not have proper and effective business succession planning in place and properly documented then the very best time for you to do it is now.  Do not leave it until it is too late, leaving the pieces to be picked up by your family, dependants and business partners.

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What form will it take?

This will depend upon the structure or structures in which you carry on your business.

For a sole trader, it may be specific provisions inserted into your Will.

If you have a partnership, then your business succession plans should be enshrined in your partnership documentation.

If you operate in a company or a trust then it may be by way of a Shareholders Agreement, Unitholders Agreement or Hybrid.

The important issue is that your business succession planning documentation is crafted for your circumstances and provides the machinery to ensure that your wishes are carried out and the value of your business assets are realised.

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Will it be expensive?

The cost of implementing business succession planning will depend upon the nature and complexity of your business and where the value of your business assets lie.  We shall provide an advance estimate of costs to you as soon as we can ascertain the scope of the work required for you.

One cost variable never changes – the cost to you and your family shall be substantially greater if you do not have effective business succession planning in place.

How do I start?

Contact Malcolm McColm at MMLaw immediately to make an appointment and discuss your business succession needs.