Business Succession Planning
Structuring your plan
At Hill Legal we take the time to understand you and your business, your situation, needs and aspirations.
We make sure that you have the right structure and documents in place to help your business and you move forward if the unexpected occurs. We help you so that if the time comes that you or a key person becomes ill, injured or dies, you have the peace of mind to know you have a plan in place to make the transition easier for you, your loved ones and the business. The business can continue to operate with little interruption.
Your Business Succession plan is also concerned with ensuring your business has the financial resources to fund your plan in the event of death or disability prior to retirement from the business.
Developing a succession plan is a multi-phase process that begins with a business valuation, updating wills and trusts and reviewing existing insurance policies and existing agreements between the equity holders of the business. Next, Buy-Sell Agreements are drafted, and the proper level of life cover is put into place.
The process involves the counsel of independent professionals who contribute objectivity with specialised skills and experience. Hill Legal and Life Solutions Financial Advisers provide these skills and maintain a close working relationship, dedicated to assisting our clients in reaching their retirement goals.
Once a succession plan has been established, it is critically important that the completed plan be continually reviewed and updated as circumstances change. Business succession plans outline in detail the who, what, when, why, and how changes in ownership and management are to be executed.
Funding your plan
The team at Life Solutions Financial Advisers will design a solution which will ensure that you, your family and your business will be financially secure in the future, should the unexpected occur. This plan will be a solution that will be the best use of your financial resources now and in the future.
We will work alongside you and your business to make sure your plan stays current with your needs.
We help make sure that you and your business, and the vision you have developed is safeguarded against unforeseen circumstances that could arise due to illness, injury or death.
Plan for the unexpected
Nobody likes to think about it, but it’s inevitable that one day you will leave your business. Whether you decide to sell, retire or you have to leave the business due to health reasons, it’s important that you plan for that day. A succession, or exit plan outlines who will take over your business when you leave. It also plans for an unforeseen event should you become, ill, injured or you die.
A good succession plan enables a smooth transition with less likelihood of disruption to business operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.
Contact us to arrange an appointment with an experienced Mornington business succession lawyer.