Understandably, business owners are often so busy focusing on the day-to-day operations that little thought is given to the future of the business should a key person no longer be involved due to death, illness or retirement.
Proper succession planning should mean the business value is maximised, the current owners are able to exit successfully, the business continues after the transition, preserving the owner’s legacy and the new owners are also able to continue successfully in a good, well-managed and profitable business.
Scammell & Co. Solicitors work together with other professional advisors to help create an effective Business Succession Plan that can assist to mitigate any potential worry and conflict that often accompanies change.
Scammell & Co. Solicitors is a multi-service law firm, giving us the ability to work across various areas of law with business owners, stakeholders and family members to assist in identifying risks, goals and strategies to make a comprehensive succession plan that works for everyone. Our lawyers can advise on business structuring, buy-sell contracts, asset protection, preparing family constitutions and stakeholder agreements.
As skilled mediators, we can also convene family meetings to facilitate the resolution of any business conflicts which may arise.
Our Wills and Estate Planning team will ensure appropriate and necessary estate planning is in place including valid Wills, Powers of Attorney, Superannuation Binding Death Benefit nominations and arrangements, and documentation in relation to the passing of control of non-estate assets such as those held as joint tenants or in a family trust.
For a comprehensive outline of Scammell & Co.’s commercial law services click here.