Business Succession Law Lawyers in Sydney, NSW

Business Succession

What is business succession planning?

Business Succession can be a difficult and complicated process. It is important to have plans put into place outlining what will happen and who will take over your business when you leave, whether by choice or by circumstance. There are various important factors which will need to be considered such as whether you require an ongoing income from the business, if you will have any future involvement, who is interested in taking over and the impact it will have on members of your family.

At Pavuk Legal, we will be able to assist you in identifying your potential successors, contingency planning…… (note in doc further content to come

The process of succession planning

Each business is different of course, but you will likely need to consider:

Goals and objectives of all parties

– Do you require an ongoing income from the business?

– Will you have any future involvement in the company?

– Who is interested in taking over?

– What impact will there be on all members of your family?

Identify your potential successors

– Objectively assess their capability, needs, commitment, skills and experience

Consider all the angles

– Minimising Capital Gains Tax, Stamp Duty and Income Tax for you and
your family and remaining partners

– Retirement income planning

– Financial implications of business transfer

Contingency planning

– What will happen in the case of catastrophic injury or death?

Corporate structure issues

– Define roles and responsibilities of current family members and employees

Business valuation

– Plan to increase the value of the business particularly if it is to be sold

Exit strategy

– What are the training or mentoring needs of your successor?

– How will you exit and by when?

We can help

These are complex issues, spanning legal, financial and management arenas.
We can help make sure you have covered all bases.