Succession planning is about transferring business ownership and management in order to maximise your financial security and minimise any negative impact on the business. It’s about putting operational, financial and legal strategies in place now to avoid problems later.
Business succession planning
A danger period for many established wholly or substantially owned owner-operated businesses is when the principal of the business departs, whether because of retirement, new horizons, disagreement, illness or death. The value, and even viability, of a business, can be reduced or eliminated if it fails to make a successful transition to a new ownership structure.
Handing over a business can be problematic and possibly financially damaging to your company unless you have a clear succession plan. There are a number of things to consider:
- management or employee buyouts
- employee share plans
- family transfers
- phased exits
- winding-up the business
- insurance to protect business partners
Business succession planning also caters for the possibility of the sudden death or illness of a business partner - making sure there are strategies in place so the company can continue to operate under all circumstances. This provides more security for your employees.
A well-prepared succession plan will offer you peace of mind that your business can survive and thrive when you leave it behind.
What it costs
Please contact Next Generation Estate Planning Lawyers to discuss your particular requirements. We will explain what we will do for you, how long it is likely to take, and give you a costs estimate. There will be no charge for the first consultation.