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!)

CONTACTS FOR THIS AREA OF LAW
Andrew Smyth

Andrew Smyth

Commercial Law Court Work & Litigation Family & De Facto Law Wills and Estates
With 30 years’ experience working in and managing business, Andrew Smyth is sought after by industry and commerce for his specialist knowledge in structuring, regulatory compliance…
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Marcus Woodfield

Marcus Woodfield

Commercial Law Conveyancing & Property
Marcus was admitted as a solicitor of the Supreme Court of Queensland in 1993 after graduating from the Queensland University of Technology with a Bachelor of…
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Emma Post

Emma Post

Commercial Law Conveyancing & Property
Emma graduated with a Bachelor of Laws in 2018 from Griffith University. Since graduating, Emma has completed her Graduate Diploma of Legal Practice with the College…
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Hannah Roach

Hannah Roach

Commercial Law Conveyancing & Property
Hannah graduated with her Bachelor of Laws from Southern Cross University in November 2020. She is currently in the process of gaining her Graduate Diploma in…
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