business Succession
Business Succession Planning in Maitland and Newcastle
When you’ve invested blood, sweat, and tears into building your company, it is only reasonable to put measures in place to ensure your legacy is protected and continues as you envisaged.
Succession Planning does have to be complicated and difficult – but it certainly could be if you have not prepared for it. Let us guide you through the process and survey your options.
Do You Need a Business Succession Plan?
Improper succession planning can leave a business in complete disarray.
Unfortunately, many business owners get caught up in their day-to-day operations and the business transition plan slides down the list of priorities.
Without a clear business succession plan, you could face:
- Problems in the valuation of your business.
- Management structure disputes
- Deflating loyalty resulting in the loss of employees
- Panic and confusion in communications resulting in loss of customers/clients.
Navigating these issues and tempering the emotions that arise during a business transition can become a much simpler matter when you have a clear and comprehensive business succession plan.
Specialised Family Business Succession Planning
Business succession planning is all the more important for small family businesses.
Let our team of local, experienced solicitors assist you with this process.
Specifically, our family-owned business succession planning services involve:
- Suggesting commercial and practical strategies for transferring the business in a holistic manner to the next generation. For example, focusing not just on the transfer of ownership, but also on ways to transfer other intangibles such as employee and customer loyalty.
- Managing treatment of family members who may not be active in the business.
- Transition from family management to non-family management whilst preserving values and ownership.
- Ensuring the application of family business best practices and establishing a succession process that works for future generations.
- Ensuring the family business fits into your wider estate planning and asset protection.
If you would like to talk to lawyers who care deeply and have specific expertise in family succession planning, give us a call on (02) 4934 2600 or click here to send us a message.
Business Succession Best Practices Combined with a Highly Personalised Approach
We understand that every business is unique. There is no simple template that can be applied to every situation, which is why we always take a personal and individual approach to business succession planning.
At Tranter Lawyers, we take the time to fully understand not only your business but your core values and philosophy to ensure we provide you with advice and a plan to suit your needs. Our expert solicitors will apply the best practices for business succession to your situation to ensure you are fully aware of all your options and understand which are optimal for what you want to achieve.
Some Happy Clients
Jennifer French
I think we have dealt with almost everyone in the practice with different legal matters over many years and will definitely continue to do so. Can’t recommend highly enough.
Helen Hodges
I highly recommend the team at Tranters, they are very knowledgeable, professional and friendly. I am extremely grateful for all the help and guidance I have received over the years, from helping me resolve delicate business issues to investment properties, updating Wills and Powers of Attorney. Of great importance to me is that the whole team at Tranters genuinely care about their clients and work hard to get the best possible outcome for them. They also serve great coffee.
Lachlan McPhee
I have been using Tranter Lawyers for a number of years now. They have helped me with every enquiry whether big or small. I will always recommend the team at Tranter Lawyers for any legal needs.
Tony Rolfe
“Melissa Simpson looked after our business purchase and as it involved a liquor licence, it was essential that our lawyer was experienced in more than contract law.
Melissa was fantastic and guided us confidently through a complex process of licensing and compliance procedures. On two occasions Melissa was not available when we needed a solicitor and Matthew and Gareth stepped in, gave us the advice we needed and all demonstrated what a competent, confident and friendly young team we have at Tranter Lawyers. I am thrilled to be able to commend them to anyone requiring expert legal services.”
Sue Fox
I would always recommend Tranter Lawyers. They are excellent service providers in their field.
S & M Bailey
Matthew and his team have provided excellent service to both my business and personal matter. Offering outstanding availability / contactability and knowledge. Matthew always delivers on his promises and his support staff are first class.
It’s Never Too Soon to Be Mapping the Future of Your Business
Whether you are only recently successful or have been running your family business for decades, getting specialised lawyers to take a look at your business succession plan is always a good idea.
Give us a call on (02) 4934 2600 for a no-obligation conversation about your situation and to find out if we can help you, or use the button below to message us and we’ll get back to you as soon as possible.