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
Partner
December 2, 2020
Marcus Woodfield
Partner
December 1, 2020
