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You’ve worked hard, you’ve built your business, but have you thought about what happens when you are no longer around?
Whether your business is owner-managed or family run, it’s vital to protect and maximise its value so you can preserve your hard work for future generations. We will work with you to get an understanding of how your business operates, who the key people are, as well as your vision for its future. From there, we’ll help you create a strategy that meets the needs of the people and objectives of the business and determine the best course of action when it comes to shareholders and partners.
We provide holistic and straight forward advice to make sure you business is protected.
How We can help
Business Wills – A Business Will is an agreement that ensures the smooth transition of ownership in the event of a death of an owner. If you find talking about making a business Will difficult (as many people do), it can be helpful to think of it as being part of a sensible financial planning strategy.
Why do I need a business will?
- It will specify responsibilities, obligations, capital requirements, funding and management
- It will contain compulsory buy/sell provisions
- It avoids uncertainty for business & family as the process is structured and seamless
- It allows for a smooth transition of ownership
- Provisions for funding by life insurance relieves pressure on the business and continuing owners
- It has an agreed formula to value the business on a trigger event
- It contains dispute resolution provisions
Business Succession Planning
At some point you will decide to leave your business, whether that’s to sell, retire or just go and do something else. Business succession planning is a strategy to ensure that the business is protected and can carry on even when you’re no longer involved.
The key objectives for effective business succession planning include:
- To protect the on-going continuity of the management and control of the business
- To protect the on-going financial viability of the business
- To protect the personal requirements of owners
- To ensure a clear path for managing business debts and personal guarantees.
- To establish a plan to fund transfer of ownership
- To address Tax considerations
- To ensure a smooth and stress-free transition for everyone involved.