Succession Planning is one important element of how our Private Lawyers help.
What is succession planning and what is included in your business succession plan?
Succession planning is simply a process for identifying and developing how a business can continue to run or who will run it when the the current leaders either; leave, retire or die. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, “replacement planning” for key roles is the heart of succession planning.
Our succession lawyers in Melbourne give you the opportunity to ensure that business goes on as usual and that your family has a source of income after you pass. Our focus on practical solutions and common-sense approach ensures that your company is in good hands.
A key component are the agreements that need to be in place to determine what happens at the time the leader steps down. These can be shareholder or unit holder agreements or joint venture agreements.
These agreements deal with:
- Control and ownership of the business
- Decisions of the business
- Liability for debts and loans of the business
- Distribution of capital and income of the business
- Buy/Sell Agreement that deals with the buyout of a party.
- Insurance for all aspects of the business and its operations.
- We can recommend a Danaher Moulton partner skilled and authorised to advise on the different insurances available and how these are best utilised.
- Having your personal estate planning in order. This includes Wills, Powers of Attorney and other appropriate structures.
- A review of your existing structure. This is generally conducted in conjunction with your accountant.
The topic of planning for when the family leader is stepping down or suddenly passes away is not something we all like to think about, but it’s an unavoidable reality. The best approach is to prepare for this eventuality. Danaher Moulton work with our clients to map out succession plans that cover business transition arrangements, superannuation, wills and estate planning. It is one of our core areas of expertise which we handle with care and sensitivity.
What type of Business Succession Planning does Danaher Moulton do?
- Shareholder/unitholder/partnership/joint venture agreements
- Insurance-funded buy/sell agreements
- Business buyout agreements – share sale/unit sale/buy backs/business sale agreements
In particular, we have extensive experience working with family-owned business to structure the business owners’ commercial and personal affairs in a way that will provide families with a financially healthy legacy. However, there’s no one-size-fits-all solution – that’s why we don’t even try to find one.
At Danaher Moulton, each succession plan is built from the ground up.