Business Planning
Business Planning encompasses all the legal documentation and processes needed if a director or owner loses capacity or passes away. Succession Planning ensures that in case the owner of a business becomes incapacitated, there will be a smooth system in place to ensure that all assets are transferred to a new owner or management team. This is extremely important to ensure the long-term viability of your business. Without proper planning, a business can be left in a precarious position if something were to happen.
Business succession planning is particularly important for any business large or small. If the business owner loses mental capacity or, suffers a critical illness or dies, the business could be at risk. Without a proper plan in place, the future of the business and the livelihoods of employees can be compromised.
By having a well-thought-out business succession plan, which may include, business lasting power of attorney, business wills, cross option agreements, business owners can ensure that the business will continue to thrive even if they are no longer at the helm.
Business planning can include identifying potential successors, transferring ownership, and developing a plan for management and governance. Additionally, a well-planned business succession can help to minimise the potential tax implications and financial burdens that may arise from a change in ownership.
Our well versed Associates are experts in this field, please get in contact now to discuss further.