All business owners have to retire at some stage. Priorities for most business owners will include a desire to extract maximum value for the sale of their business and a wish to transition the ownership and management of the business as smoothly as possible.
The starting point is to prepare a business succession plan. Clinch Long Woodbridge have experienced business succession planning lawyers. We provide expert advice to help you address all of your objectives in relation to safeguarding your business and planning your exit from it in the future.
A Business Succession Plan includes examining future scenarios that may affect your business, and considering how you would best deal with those circumstances if they arise.
For example, how would the loss of a key manager or partner, the threat of legal action, or an instance of fraud affect your business? What arrangements are in place to deal with such possibilities? What happens if you, or another key member of the business dies or becomes incapacitated or seriously ill and cannot work? How will ownership of the business be transferred, and when will that happen? Who will run the business in the future and what changes will be required to allow this to happen?
Business Succession Planning poses theses types of questions for you to consider, helping your business to minimise the fallout arising from a range of challenging events.
How can we help you?
- Conduct business audits and reviews of business structural issues from risk, tax and succession perspectives to ‘de-risk’ the business
- Advise on and draft key business documents (shareholder agreements, insurance policies, wills, powers of attorney)
- Advise on and document exit and contingency strategies (for planned and unplanned events)
We draw on extensive experience in all areas of business succession planning to help our clients:
- Protect their business assets and ‘de-risk’ the business
- To position the business to enable them to achieve favourable terms when the time comes to sell it
- Make effective provisions for family members within and outside the business (where applicable), and
- Plan for the transition of new owners or management to help ensure the ongoing viability of the business.