Many businesses do not have an exit plan which allows for the orderly withdrawal or retirement of owners or key personnel. Limited planning can threaten the future of the business and the financial security of the business owners. Kennedy Saunders has worked with many businesses to ensure they are not at risk from lack of succession planning. Estate Planning allows for minimum disruption to the business and ensures that the goodwill with clients created by the current owners is preserved. We can assist clients in addressing succession matters and having the required structure in place well before the need arises.

Important issues we take into consideration when planning for your succession include:

  • Whether spouse and/or children are involved, interested and have the skills to operate the business
  • Balancing business interests with family/emotional issues such as profit distribution, remuneration, reinvestment, performance and promotion
  • Consideration of taxation implications for example access to capital gains tax concessions
  • Ensuring the owners affairs are in order eg wills, insurance, buy-sell agreements, shareholders agreements