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.
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
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.