If you co-own a business and don’t have an agreed and documented Business Succession Plan, speak to us today.

Business Succession Planning is essential for protecting your interest in a co-owned business and is an integral part of every business co-owner’s individual Estate Planning.

The Why

Problems associated with a business owner suffering an untimely death or injury, as well as disputes between co-owners, both of which often lead to the financial ruin of the business, can be managed or avoided by the implementation of appropriate Business Succession Planning Agreements and related insurances.

The avoidance of these problems will actually protect you and your family by ensuring you can buy a co-owner out of the business or get market value for your share of the business when you need to.

What do you currently value your business at?

What is Business Succession Planning?

“Business Succession Planning” involves:

  • Planning for the sale or purchase of a co-owners’ interest in a business in the event of their death, permanent disablement, serious illness/trauma or other circumstances and funding for that sale/purchase, (See Buy/Sell Option Agreements), and
  • Planning for the preservation and growth of co-owners’ equity in a business by the implementation of agreements between co-owners governing the management and decision making of the business and ability to dispose of an interest/share (See Shareholders’ Agreements).

The Details

Here are the answers you are looking for.

Isn’t it time you got your Business Succession Plan sorted out?

1300 553 343

How would the current value of your business be affected if you or a co-owner could not work again?

Often businesses evolve without much planning. Most people don’t bother to think about what they would do if their business co-owner got ill or injured and was forced to retire let alone what would happen to the business if the partner died or they got in a dispute.

Without proper planning a co-owner may find themselves in business with a former co-owner’s executor, attorney, spouse or other beneficiary and without any ability to buy out their share of the business.

How We Help

We offer a comprehensive Business Succession Planning service which complements our Advanced Estate Planning and Business & Risk Advisory service for business owners. Our experienced Commercial and Estate Planning Lawyers assist co-owners of businesses to make and implement plans and agreements appropriate for their Business Succession Planning needs.

Business Succession Planning generally covers:

Some things are so important they should not be put off.

Get peace of mind for you and your family before it’s too late.

Speak to one of our Commercial Lawyers today

1300 553 343

 

Business & Company
16/08/2013 by Sam Roberts

Introduction to Business Succession Planning

Congratulations on taking the first step to protect your interest in your co-owned business. Business Succession Planning is essential for protecting your interest in a co-owned business and is an integral part of every business co-owner’s individual Estate Planning. “Business Succession Planning” means: Planning for the sale or purchase of a co-owners’ interest in a […]

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16/08/2013 by Sam Roberts

What is a Buy/Sell Option Agreement?

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? A Buy/Sell Option Agreement is an agreement between co-owners of a business granting each other options to buy or sell their respective interests upon the occurrence of specified Option Events. The Option Events are typically: the Death of a co-owner; the Permanent Disablement of […]

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16/08/2013 by Sam Roberts

Why do I need a Buy/Sell Option Agreement?

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? In the absence of a Buy/Sell Option Agreement disputes between co-owners or their executors/beneficiaries following the occurrence of an Option Event are common. These disputes typically relate to: Who may purchase the co-owner’s interest; Whether the […]

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16/08/2013 by Sam Roberts

What is a Shareholders’ Agreement?

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement A Shareholders’ Agreement (similar to a Partnership Agreement) is an Agreement between two (2) or more co-owners of a business setting out their agreements with respect to the management and control of […]

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16/08/2013 by Sam Roberts

Why do I need a Shareholders’ Agreement (Partnership Agreement)?

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Anyone who is a co-owner in a business should have a Shareholders’ Agreement (if the business is carried on by a company) […]

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16/08/2013 by Sam Roberts

Funding the Purchase Price under a Business Succession Plan

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Funding the Purchase Price under a Business Succession Plan When a co-owner exercises an option to buy or sell their equity in the […]

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16/08/2013 by Sam Roberts

CGT & Insurance Proceeds in Business Succession Planning

Introduction to Business Succession Planning What is a Buy Sell/Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Funding the Purchase Price under a Business Succession Plan CGT & Insurance Proceeds Death Benefits Pursuant to section 118-300 of the Income […]

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16/08/2013 by Sam Roberts

Self Ownership of Personal Insurance

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Funding the Purchase Price under a Business Succession Plan CGT & Insurance Proceeds Self Ownership of Personal Insurance Self Ownership simply refers to the […]

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16/08/2013 by Sam Roberts

Implications for Self Ownership where the Business Entity is owned by a Related Entity

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Funding the Purchase Price under a Business Succession Plan CGT & Insurance Proceeds Self Ownership of Personal Insurance Implications for Self Ownership […]

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16/08/2013 by Sam Roberts

Cross Ownership of Insurance

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Parntership Agreement)? Funding the Purchase Price under a Business Succession Plan CGT & Insurance Proceeds Self Ownership of Personal Insurance Implications for Self Ownership […]

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16/08/2013 by Sam Roberts

Trust Ownership of Insurance

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Funding the Purchase Price under a Business Succession Plan CGT & Insurance Proceeds Self Ownership of Personal Insurance Implications for Self Ownership […]

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16/08/2013 by Sam Roberts

Trust Owned Insurance Agreements

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Funding the Purchase Price under a Business Succession Plan CGT & Insurance Proceeds Self Ownership of Personal Insurance Implications for Self Ownership […]

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16/08/2013 by Sam Roberts

Risks of not making a legal Buy/Sell Agreement

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Funding the Purchase Price under a Business Succession Plan CGT & Insurance Proceeds Self Ownership of Personal Insurance Implications for Self Ownership […]

Business & Company
18/05/2011 by Sam Roberts

Advanced Estate Planning for Business Owners

What good is a Will if you lose all your assets during your lifetime? Advanced Estate Planning includes planning for the preservation of your wealth during your lifetime as well as planning for the succession of that wealth to intended beneficiaries in the most advantageous manner upon death. It requires a careful assessment of you […]

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18/05/2011 by Sam Roberts

Business Explodes from Within

Early in my career I had a client whose husband was a partner in a successful local business and who had recently suffered a stroke. He would never be able to work again. The business was worth about $1,300,000.00 but it relied heavily on the skill of the now disabled partner to thrive. The wife […]

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Testimonials

Every co-owned business needs a succession plan and this is an easy and inexpensive way to begin to build one.”

“The business succession planning guide and term sheets (questionnaire) provided by Roberts Legal are useful resources for anyone in a co-owned business. It breaks down the issues in everyday language and allows the business owners to identify and resolve all of the important issues proactively before they become a problem. The simple questionnaire helps business owners to have the awkward conversations with their business partners in an objective way that creates certainty for all the owners. As a Chartered Accountant I often come across situations where a disagreement between co-owners leads to the demise of the business and it’s good to know I can refer my clients to the business succession planning guides provided by Roberts Legal to establish the rules of the game from the start to keep everyone moving in the same direction. Every co-owned business needs a succession plan and this is an easy and inexpensive way to begin to build one.”

Trevor Monaghan, Climax Business Strategies Chartered Accountants