Business succession

Business succession is necessary to consider in passing control to the next generation – voluntarily during one’s lifetime or on death or legal incapacity

After a business or investment has been structured, business partners must consider a succession plan for their business – how it will continue on as a going concern in the event of a partner’s death or legal incapacity, in addition to one’s personal estate and succession planning. The implementation of a business or investment structure is usually coupled with intra-business or governance agreements but a proper business succession plan is often missed.

Combining expertise in Wills, estates, succession planning, taxation and structuring, we work alongside clients and their advisors to advise on and implement tailored business succession plans, specifically dealing with:

  1. Decision-making relating to day to day business/investment decisions
  2. Exit mechanisms, in the event that one owner wishes to voluntarily exit the entity or in the event that one owner suffers a total and permanent disability or dies (including the use of insurance funded buy/sell mechanisms)
  3. Key review points and when certain events must happen
  4. Entry mechanisms, in the event that a third party wishes to contribute equity to the business/investment
  5. Division of business/investment profits
  6. Restraint of trade and confidentiality
  7. Other dispute resolution mechanisms