Secure the Future with Proper Business Succession Planning Advice
Most business owners have dedicated a vast majority of their life to building up their business. If you are a business owner, it can be difficult to envision your business without your involvement. You may have vague plans about passing your business onto your children or other family members, however business succession planning requires more forethought in order to minimise complexities. If not adequately addressed, tax liabilities and differing priorities amongst family members can impact a business’s success upon ownership transferral. In order to ensure continued success and to mitigate any potential risks associated with transferring your business to another party, it is important to first secure advice from business succession planning lawyers.
If you are in need of business succession planning consultants in Sydney, or for further information in relation to business succession planning advice, please do not hesitate to contact any member of our Commercial Law Team.
How business succession planning lawyers can help
Succession planning lawyers can assist you in creating a succession plan that will protect both your family and your business. Attentive business succession planning advice will minimise or avoid the negative consequences of the owner leaving the business due to death, illness or retirement. In Australia, family businesses possess a combined multi-trillion dollar net worth, constituting around 67% of all Australian businesses. This means that one day, the controllership of these businesses that make up the backbone of Australia’s economy will be passed down to the next generation.
Business succession lawyers can smooth this process by assisting with the following issues associated with succession:
- Insurance planning
- Advising on and drafting shareholders’ agreements
- Wills
- Managing debt
- Family financial advice
- Ensuring effective tax planning
- Personal estate planning
- Transitioning equity ownership