Business Succession Plan
The Estate team at Norton & Smailes can also provide advice and prepare documents to effect a business succession plan typically where more than one family group co-owns a business.
If one of the proprietors passes away or loses capacity, this can bring pressure on the business as the business may not perform at its optimum level. Banks may look at loan repayments; customers can look for alternative suppliers; key staff can look for other jobs in the uncertainty of a lack of plan.
Often life insurance is used to fund an acquisition in the event of a proprietor passing away coupled with a buy-sell agreement. Norton & Smailes can work with our client’s accountant, insurance broker in order to arrive at an optimum plan. Norton & Smailes will typically advise on and prepare the business succession or buy/sell agreement as well as advise on the tax and transfer duty consequences of the proposed transaction.
For further information about our business succession plan services, please contact us.