BUSINESS SUCCESSION PLANNING
Business succession planning is about much more than just a will. To plan for business succession, you need a comprehensive understanding of the business, the key personnel, and to really think about what would happen if you died.
Business succession planning requires analysis of a complex mix of factors:
- Identification of all assets and liabilities
- Establishing who owns or is responsible for those assets and liabilities
- Investigation of the companies associated with the business and the key personnel
- Review of Trusts and trust documents associated with the business and key personnel
- Consideration of superannuation entitlements of key parties, and whether there are business assets owned by superannuation
- Control of superannuation-particularly self-managed superannuation funds
- Taxation law
- Succession law (inheritance, probate, estate administration) decided cases
- Family members, and relationships
- Prior marriages and relationship breakdowns
- Divorces and separation
Proper investigation and analysis of these issues, and the ability to craft all of these factors into a business succession plan, requires a clear understanding of disparate areas of law, and years of practical business experience.
Our managing partner, Andrew Smyth, has literally written the book on this subject. Andrew is co-author of the legal reference text “Estate Planning” published by the multi-national law publisher LexisNexis.
So, you can either buy the book, or come and see us. (Andrew recommends you do both!)