If you co-own a business, business succession planning is part and parcel of good estate planning generally. Business succession planning is a process in which you and your business partners work out what will happen and who will take over your business when you or one of your business partners leave the business, whether by choice or by circumstance.
The aim is to provide the business with a smooth transition in the event of one partner leaving so that disruption is minimised. Many people fail to consider what will happen to them, their business and their family if they suffer an unexpected serious injury or sudden death. In many cases this can lead to unfortunate outcomes for all concerned and frequently ends in disputes between ongoing business owners and the family or estate of the injured or deceased business owner as to what happens to the outgoing business partner’s share, how much it is worth, etc.
Katrina’s depth of experience and knowledge in commercial law, business structures and taxation equips her to assist in the business succession planning process. She can draft an effective business succession plan for you and your business partners to ensure a smooth transition in the event of a planned or unplanned exit by one of the business owners.
Contact us for further information or to arrange a home visit or site visit with Katrina.