Running a business can be a rewarding experience. Retirement, dissatisfaction, illness, injury or death can mean that business ownership must be transferred. Business succession planning is how you deal with these events to reduce impact and cost.
Business succession planning strategies may include:
- winding up
- transfer to the next generation
- sale on market
- sale to other co-owners
- transfer to co-owners under a buy-sell agreement.
We can work with you on succession planning options.
Working with your professional advisers
We work with your other professionals to help you achieve a satisfactory outcome.
| Our role (lawyer) | · Advise on structure
· Draft the sale agreement · Draft the buy-sell agreement |
| Accountant | · Value the business
· Advise on tax |
| Finance broker | · Sources loan for purchase/payout |
| Financial planner | · Sources life insurance to fund payout |
Contact us to find out more or to arrange an appointment.
To find out more about buying or selling a business see our page Buying or Selling a Business.
If you are a financial planner see our page selling your financial planning business.