Handing over the power to lead and control the family business to the next generation can be an overwhelming and challenging task for any family business owner, but it is an essential exercise requiring proper care and consideration. It is important for families to create a workable framework for all generations that achieves personal and business goals.

Our corporate & commercial team assist families to strategically create business succession and balance the competing needs of families and the business. Helping identify succession goals, determining operational and management demands, exit options and potential risks is the starting point for any business succession plan, and our experienced team works with you through each consideration to achieve a desired outcome for the family whilst still satisfying commercial objectives.

In addition, Business Succession Planning is also an important consideration between business partners who are not family members, and how their business will be acquired by the surviving partner. A business operated by two independent partners, each of whom have insurance policies paid for by the business, often do not want to be left running the business with the spouse, or beneficiaries of a deceased partner’s estate. In these circumstances, it is important that the buy sell arrangement, or business succession plan is accurately document. Our team has negotiate and prepared Buy Sell Agreements and Business Succession Agreements for Australian Private Companies, covering commercial and legal considerations needed to ensure the transition occurs seamlessly.

Talk to one of our expert lawyers today.