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!)