Succession Planning - Business
We provide legal advice on business succession planning in your retirement and in planning your estate.
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What would you like to happen to your business when you retire?
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What would you like to happen to your business if you die unexpectedly or if you become incapacitated?
Business owners need to consider these two questions in order to ensure that what they want to happen to their business will in fact happen.
They may know who they want to take over their business in the long term, but what happens to their business if something unexpected happens in the short term?
This is why business succession planning is vital for business proprietors.
Business succession plans are tailored for each business. Various sets of circumstances need to be taken into account, including the type of business, number of proprietors, existing business structure, economic factors, and even the personalities of the owners, their families and the staff.
It is important to have a plan in place for both the expected and the unexpected:
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Shareholder agreements –
Shareholder agreements generally deal with more voluntary events such as retirement, an equity sale or a ‘default’ event (a breach of an agreement between the proprietors).
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Buy/sell option agreements –
Buy/sell option agreements deal with the involuntary more unexpected events such as death, illness or disability.
To read more about shareholder agreements and buy/sell option agreements visit our Business Succession Law page.
Our wills, estates and probate lawyers are located at both our Melbourne office and our Mount Waverley office, a South Eastern suburb of Melbourne.
Visit our law firm for more.
