Eales & Mackenzie offers client-centric services in the important area of business succession planning. To ensure the continued success of your businesses, our experienced business and succession planning lawyers assist by implementing robust and sound succession plans so that your business can pass smoothly from one generation to the next.
At Eales & Mackenzie, our succession planning lawyers understand that succession planning involves your family and the consideration of the relevant real estate assets and business structure. We are committed to ensuring that we are available for constant review in tandem with the changing circumstances involving your business, chosen successor and other family matters. This ensures that your succession plan remains up to date and relevant to your specific circumstances.
The importance of Succession Planning
The transfer of wealth through generations has become complicated by tax considerations, assets held in trust, second marriages and assets held by private companies. A succession plan is vital for families who own businesses that they intend to pass on through later generations, or for other businesses owners who seek to think strategically about who will replace them or carry on the business when the retire or leave. Without these insurances and considerations, other owners may not be able to continue to operate the business, therefore substantially affecting the value of the business.
Business Succession Plans
Establishing a succession plan for your business can give certainty in the event of a sudden management upheaval. At Eales & Mackenzie, our succession planning lawyers provide our clients with expert services and advice that take into consideration the unique circumstances of the business in question. Some of the broad inclusions in any complete business succession plan are:
- Insurance for all aspects of operation
- A review of the existing financial structure
- A shareholder/unit holder/ joint venture agreement, this will outline the control and ownership of the business
- Liability for debts
A progressively managed transition of ownership or management provides certainty and assurance to you and to future generations within your business. At Eales & Mackenzie we ensure that you receive the full benefits of a carefully prepared succession plan, that involves the following key considerations:
- Personal goals and outcomes for the business
- What role you want your family or other employees to play in the business
- Your legacy in the business
- What should happen if a particular person leaves the business
- What should happen if you are suddenly unable to manage the business
- Where your wealth is held, and whether you intend this to be transferred