Business Succession
Most business owners spend years building something valuable — and far too little time planning what happens to it. Whether you’re thinking about retirement, considering a sale, planning to pass the business to family, or simply want to protect what you’ve built if something unexpected happens, a clear legal succession plan is essential.
Without one, the business you’ve worked to create can become a source of conflict, financial loss, or legal complication for the very people you’re trying to protect.
What business succession planning covers
Business succession is more than just deciding who takes over. The legal questions involved include:
Ownership transfer — How is the business valued? How and when does ownership transfer? What are the tax consequences? Are there buy-sell agreements between partners or shareholders that need to be in place?
Trust structures — Many business owners hold assets through family discretionary trusts or unit trusts. Ensuring these structures are correctly documented and that succession of control is clearly planned is critical — particularly for multi-generational businesses where the wrong structure can create significant disputes or tax exposure down the track.
Superannuation and SMSFs — If you have a self-managed super fund, what happens to those assets on your death or retirement? Binding death benefit nominations, SMSF trust deed reviews, and the intersection between your super and your estate plan all need careful attention. We work on the legal architecture of these structures — in collaboration with your accountant and financial adviser where needed.
Your Will and the business — Your Will needs to account for your business interests properly. Who inherits your shares or your interest in a trust? Do they have the capacity or desire to run a business? Should the business be sold and proceeds distributed instead? These questions need answers before they become someone else’s crisis.
Who we work with
We work with business owners at all stages — those actively planning a transition, those who’ve never thought about it but know they should, and families navigating succession after an unexpected death or incapacity. We tailor our advice to your specific structure and goals, and we’ll be clear about where our role ends and where your accountant or financial planner’s role begins.
Business succession planning works best when it’s done early and reviewed regularly. Book a free 15-minute discovery call and we’ll help you identify where the gaps in your current plan are — and what to do about them.