What is business succession PLANNING?
A business succession plan outlines what will happen and who will take over your business when you leave, whether by choice or by circumstance. CDG Law assists to provide your business with a smooth transition to achieve financial objectives and minimise disruption to operations.
Process of succession planning
Each business is different of course, but you will likely need to consider:
Goals and objectives of all parties
- Do you require an ongoing income from the business?
- Will you have any future involvement in the company?
- Who is interested in taking over?
- What impact will there be on all members of your family?
Identify your potential successors
- Objectively assess their capability, needs, commitment, skills and experience
Consider all the angles
- Minimising Capital Gains Tax, Stamp Duty and Income Tax for you and your family and remaining partners
- Retirement income planning
- Financial implications of business transfer
- What will happen in the case of catastrophic injury or death?
Corporate structure issues
- Define roles and responsibilities of current family members and employees
- Plan to increase the value of the business particularly if it is to be sold
- What are the training or mentoring needs of your successor?
- How will you exit and by when?
We can help.
These are complex issues, spanning legal, financial and management arenas. CDG Law will make sure you have covered all bases. Whether your business is based in Newcastle, Singleton or in between, choose the trusted law firm with the scope of legal expertise necessary for the best possible outcome.