Business Succession Planning

If you co-own a business and don’t have an agreed and documented Business Succession Plan, speak to us today.

Business Succession Planning is essential for protecting your interest in a co-owned business and is an integral part of every business co-owner’s individual Estate Planning.

The Why

Problems associated with a business owner suffering an untimely death or injury, as well as disputes between co-owners, both of which often lead to the financial ruin of the business, can be managed or avoided by the implementation of appropriate Business Succession Planning Agreements and related insurances.

The avoidance of these problems will actually protect you and your family by ensuring you can buy a co-owner out of the business or get market value for your share of the business when you need to.

What do you currently value your business at?

What is Business Succession Planning?

“Business Succession Planning” involves:

Planning for the sale or purchase of a co-owners’ interest in a business in the event of their death, permanent disablement, serious illness/trauma or other circumstances and funding for that sale/purchase, (See Buy/Sell Option Agreements), and
Planning for the preservation and growth of co-owners’ equity in a business by the implementation of agreements between co-owners governing the management and decision making of the business and ability to dispose of an interest/share (See Shareholders’ Agreements).

The Details

Here are the answers you are looking for.

Isn't it time you got your Business Succession Plan sorted out?

How would the current value of your business be affected if you or a co-owner could not work again?

Often businesses evolve without much planning. Most people don’t bother to think about what they would do if their business co-owner got ill or injured and was forced to retire let alone what would happen to the business if the partner died or they got in a dispute.

Without proper planning a co-owner may find themselves in business with a former co-owner’s executor, attorney, spouse or other beneficiary and without any ability to buy out their share of the business.

How We Help

We offer a comprehensive Business Succession Planning service which complements our Advanced Estate Planning and Business and Risk Advisory service for business owners. Our experienced Commercial and Estate Planning Lawyers assist co-owners of businesses to make and implement plans and agreements appropriate for their Business Succession Planning needs.

Business Succession Planning generally covers:

advice and Estate Planning;
Buy/Sell Option Agreements;
Funding Agreements and Trust Owned Insurance Agreements; and
Management Agreements – Shareholder Agreements, Unit Holder Agreements and Partnership Agreements.

Some things are so important they should not be put off.

Get peace of mind for you and your family before it’s too late.

Speak to one of our Commercial Lawyers today

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Recent Articles

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