BUSINESS SUCCESSION PLANNING

Author: Valentina Misevska

Publish Date: January 17, 2006

Many businesses don't succeed or don't achieve their maximum potential because of a failure to address business succession issues.

January is a good time for all business owners to review their business succession plans and to implement one if they don't already have one.

A business succession plan is typically a written agreement which sets out what will happen to the business and its ownership if various changes or trigger events occur. Examples of such changes or trigger events are the death, sickness or retirement of an owner or key person of the business.

Good business succession agreements clearly set out matters such as how the business and each person's ownership of it will be valued, how the parties will fund the purchase of any parts of the business which are to be transferred to other existing owners or new owners and are structured in such a way as to minimise taxation consequences.

We can advise you on, and prepare, a suitable business succession plan giving your business the best chance to survive change.

For more information please contact Valentina Misevska on 49076316.

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