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Business Succession

What is business succession planning?

Miranda Business Succession LawyersA business succession plan outlines what will happen and who will take over your business when you leave, whether by choice or by circumstance. The aim is to provide the business with a smooth transition so that disruption is minimised.

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
  • Contingency planning
    • What will happen in the case of catastrophic injury or death?
  • Corporate structure issues
    • Define roles and responsibilities of current family members and employees
  • Business valuation
    • Plan to increase the value of the business particularly if it is to be sold
  • Exit strategy
    • 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. At Shire Legal we can help make sure you have covered all bases.

Contact us to find out more or to arrange a consultation with an experienced business succession solicitor in Miranda.

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  • PO Box 495 Miranda NSW 1490
  • 02 9526 3444
  • 02 9526 3499
  • info@shirelegal.com.au

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  • Level 1, 29 Kiora Road, Miranda NSW 2228
  • Phillip Street, Sydney NSW 2000 (by appointment only)

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  • Home
  • About Us
    • Our Team
    • Testimonials
    • Fixed Fees
    • Information Sessions
    • Agency
    • Careers
  • Areas of Practice
    • Business
      • Selling a Business
      • Purchasing a Business
      • Leasing (Retail and Commercial)
      • Business Agreements
      • Franchising
      • Intellectual Property
        • Trademark Registration
        • Trademark Enforcement
        • Passing Off
      • Debt Recovery
      • Security of Payments
      • Employment
      • Bankruptcy
      • Insolvency
      • Business Succession
      • Competition and Consumer Law
    • Estates
      • Wills
      • Power of Attorney
      • Enduring Guardianship
      • Estate Planning
      • Deceased Estates
      • Estate Disputes
    • Property
      • Selling Property
      • Purchasing Property
      • Property Transfers and Refinances
      • Property Agreements
      • Certificate of Independent Legal Advice
      • Strata
      • Easements
      • Subdivision
      • Caveats
      • Leasing (Retail and Commercial)
      • Retirement Village and Aged Care Contracts
      • Co-ownership Agreements
    • Notary Public
    • Certificate of Independent Legal Advice
  • Blogs
  • Events
    • 2018 Drinks on the Terrace
    • 2017 Drinks on the Terrace
    • 2016 Drinks on the Terrace
    • 2015 Drinks on the Terrace
    • 2014 Drinks on the Terrace
  • Payments
  • Contact Us
  • BOOK AN APPOINTMENT