Small Business Succession Planning

Do you run a small business?

Succession planning for your business is an important part of your estate plan.

Once your business has been established, a plan needs to be put in place to deal with what would happen to it if you pass away unexpectedly.  Over time, you may also wish to plan for your exit from the business when you retire.

The steps that need to be taken depend on the nature of the business, how its assets are held and the availability of employees or other officers to take control of its day to day affairs.

Appropriate planning can involve establishing structures such as companies or trusts so that control of the business can be easily passed to your chosen successor. You should also prepare a document dealing with practical matters including who will be responsible for notifying staff and clients if you pass away.  This document is sometimes called a business continuity plan, and can deal with arrangements for other crisis events such as the loss of the business premises.

If you would like advice about succession planning for your business, contact Althea at Hornsby Wills and Probate on 0410 485 277 or by email to althea@hornsbywillsandprobate.com.au