Business Succession Planning
Your business is likely one of your most valuable assets. Proper succession planning ensures its continuity and protects your family’s interests — whatever the future holds.
Discuss Your RequirementsWhat Is Business Succession Planning?
Business succession planning is the process of preparing for the transfer of ownership and management of your business — whether that’s due to retirement, incapacity or death. It answers the critical question: what happens to your business if you are no longer able to run it?
Without a proper plan in place, your business could face serious disruption. Key decisions may be delayed, shares could pass to unintended recipients, and your family may not have the authority or guidance they need to protect the business or realise its value.
Effective succession planning brings together several elements — including your will, business LPAs, shareholder or partnership agreements, and trust arrangements — to ensure your business planning and personal estate planning work in harmony. It’s about protecting both your business and the people who depend on it.
Who This Is For
- Sole traders and owner-managers
- Partners in business partnerships
- Company directors and shareholders
- Family business owners
- Those approaching retirement who need an exit strategy
- Business owners who want their family protected if the worst happens
Our Approach
We start by understanding your business structure — whether you’re a sole trader, in a partnership, or running a limited company. Each structure presents different challenges and opportunities when it comes to succession, and we tailor our approach accordingly.
We then coordinate your business succession plan with your personal estate planning. Your will, trusts and LPAs all need to align with your business arrangements to avoid gaps or conflicts. We draft the appropriate documents and ensure that every element works together as a coherent strategy.
Throughout the process, we ensure clarity for all parties involved — from fellow directors and business partners to your family. Everyone should understand the plan and their role within it, so that if the time comes, the transition is as smooth as possible.
Common Questions
Through a combination of proper will drafting, business LPAs, shareholder agreements, and trust planning. We ensure your business interests are protected alongside your personal estate.
Without proper planning, your business could face significant disruption. Shares may pass to unintended people, and your family may not have the authority to manage or sell the business. Succession planning prevents this.
If you run a business, a business LPA ensures someone can manage your business affairs if you lose capacity. Without one, business decisions could be paralysed.
They should work together. Your personal will, trusts, and LPAs need to align with your business succession plan. We coordinate both to ensure there are no gaps or conflicts.
Let’s Plan Your Business Succession
Book a consultation to discuss how we can protect your business and ensure continuity for your family and your team.
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