Business Succession Planning

Business succession planning aims to preserve and maximise the value of a business by facilitating the transfer of the entity or share in the entity in the event of retirement, illness or death of a business owner.

A business succession plan has the ability to provide peace of mind by putting in place various legal arrangements to ensure a smooth transition of control in the event of unforseen circumstances. It also has the potential to avoid unnecessary family disputes.

Morrows can help you formulate a strategy through developing:

• Insurance policy structuring
• Workable and enforceable buy/sell agreements 
• Strategies to utilise gifting provisions 
• Appropriate valuations of your business 
• Financing arrangements to allow for ownership transition 
• Farming / rural business family succession planning

A correctly structured business succession plan will address the interests of the departing owner and his/her family, and the interests of the surviving owners and their families. Effective business succession planning is a fluid and ongoing process, and must be revisited regularly in line with your changing circumstances.