If you own and operate a business either solely, in partnership, with family, or other business partners, planning your succession in advance will greatly enhance the chances of a successful result for all parties with a vested interest. For those in primary production or similar wishing to ensure the continuity of family ownership of assets through the generations without unfairly placing a financial burden on any one beneficiary, succession planning is paramount.
For a smooth transition when the time comes for retirement or upon death a carefully designed succession plan will ensure the ongoing financial needs of you and your dependents are met without adversely affecting either the following generations if applicable or those concerned with the continuation of your business operations.
Ideally a succession plan would be implemented over a five-year period with the intent to address the following issues:
- Continuity of family ownership of assets
- Maximization of retirement income
- Provide retirement income / pension for retirees.
- Assist beneficiaries with financing options if required.
- Tax effective result on sale or transfer of assets.
- Review of appropriate insurance coverage
- Provide financial security and peace of mind.
- Clarify and document the desires of all associated parties who may have conflicting opinions.
- Reduce conflict and contesting of wills after death.
We are able to provide advice and guidance on how to adapt a succession plan that provides for your future security. We work very closely with Solicitors who have expertise in the field of Wills and Testamentary Trusts. The combination of our expertise and experience and that of our associates benefits our clients greatly.