It is important for all business owners that they know what their exit strategy will be. This is not only when they are ready to retire, but also in the case of sale opportunities, death, disablement, partnership breakdown and liquidation. There are many things to consider, including:
- A Shareholder or Partnership agreement – when in business with partners, including family, it is important to consider the roles and responsibilities that each person will have. This includes details on how major decisions will be made, what happens if a partner wants to exit or is required to exit and is designed to protect the interests of all parties.
- Buy / Sell Agreements and associated insurance – in the event of the death or disablement of a shareholder or partner, having protection through an agreement that is backed by insurance can help not only the family of the partner, but also the business and other owners in difficult circumstances.
- Family succession planning in business – we can assist you to bring the next generation into the family business in a tax effective way that provides a transition of control from one generation to the next and protection of the business.
- External or employee sale – we can help get your business ready for sale, ensuring it is in the best possible legal and tax position to provide protection and maximise value.