Succession planning lawyers Melbourne and Ballarat

You put so much of yourself into your business, you want to ensure your legacy lives on when you decide to step away. Whether you’re just starting up or have been in business for decades, it’s never too early or late to start succession planning.

Our experienced succession planning lawyers can help guide you to the best outcome so you can have peace of mind.

Business succession planning

Business succession plans are a handy tool to make sure you leave your business in good hands if you or members of your management team retire or have to leave it unexpectedly due to accident or illness. Even if you’re thinking of selling your business in a few years, a succession plan will show a prospective purchaser that the business is in good hands, that there is a clear plan to transition to a new owner, and can be favourable when considering the value of the business.

If you own some or all of the business, your business succession plan may also help with your personal estate planning.

What a succession plan should consider

Your succession plan should consider a range of factors including:

  • Who would run the business when you retire or if you’re unable to due to accident or illness;
  • What training or skills transfer is needed for them to take over the business;
  • What the value of your business is;
  • When you would like to exit the business;
  • How the business is structured and any plans to revise this in line with your succession plans;
  • Any aspects of the running of the business that need to be considered, like licenses or registrations that would need to be transferred; and
  • Any agreements that need to be amended as part of your succession plan, like shareholder or unitholder agreements.

Why MNG Lawyers

Our succession planning lawyers understand how important it is to make sure your legacy is protected. They take the time to listen to your needs and give you practical advice in plain English about what you can and can’t do to structure your business for the next generation or a buyer. They can even help you put together the paperwork and make sure your legal agreements and business licenses are prepared so you can focus on your future.

Frequently Asked Questions

While it’s never too early or too late to create a succession plan, it’s best to put one in place three to five years before you plan on leaving the business. This will give you enough time to make any of the structural or legal changes that you need to make and ensure your successor has the necessary skills to take over.

Get in touch today, always in confidence.

We’re here to help. It’s our top priority to ensure your needs and concerns are met every step of the way.
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