Practice area
Business Succession
A succession plan sets out who takes over your business when you leave, whether by choice or by circumstance, so the handover is smooth and the business keeps its value.
One day you will leave your business or farm, whether you sell, retire or step back for health reasons. Without a plan, the business may have to be sold when you go. With one, the transition is easier for you, your family and your employees.
What a plan should cover
Every business is different, but you’ll likely need to consider:
Goals of everyone involved
- Do you need an ongoing income from the business?
- Will you stay involved?
- Who wants to take over?
- How will your family be affected?
Your successors
- Identify potential successors
- Objectively assess their capability, commitment, skills and experience
- Plan their training and mentoring
Tax and finances
- Minimising capital gains tax, stamp duty and income tax
- Retirement income planning
- The financial effects of transferring the business
Contingencies
- What happens in the case of serious injury or death?
- Corporate structure issues
- Roles for family members and employees
Value
- A business valuation
- A plan to increase value, especially if it will be sold
Your exit
- How will you exit, and by when?
- What does your successor need from you before then?
These are complex issues spanning legal, financial and management questions. We help make sure you’ve covered every base.
Let’s talk it through.
Arrange a consultation with one of our experienced, friendly solicitors.