Succession Planning is actually about putting in place a strategic business plan for your business which allows you to outline your business and personal goals. These goals relate directly to your ability as a business owner to extract the maximum amount of value from your business when you exit, to provide for your retirement planning needs.
If you do not have a strategic approach to business succession planning – any value you have been able to build into your business may well retire when you do!
It is important that a Buy-Sell Agreement or Business Will be set up with legal advice.
How is a Buy-Sell Agreement set up?
- The business owners negotiate and agree on
- the trigger events
- how the interest in the business will be valued and
- the respective buy and sell obligations of the business owners should a trigger event occur
- A funding plan is established to provide the cash to achieve the financial obligations of the business owners should any of the trigger events occur.
- The legal documentation is prepared.
To make an appointment with an adviser to discuss your specific Business Insurance needs contact us directly on (07) 3170 3707 or click here to email us.
146 Bloomfield Street, Cleveland
PO Box 1319, Cleveland QLD 4163 4163
Phone: 07 3170 3707
ABN: 16 074 508 071
Monday-Friday: 8:30am to 5pm
Coopers N’Cents Financial Services ABN 16 074 508 071 trading as
HFB Wilsons Pty Ltd – ABN 63 616 059 324 as a Corporate Authorised Representative
No 253397 of Clearview Financial Advice Pty Ltd
AFSL No: 331367 ABN: 89 133 593 012 Website: www.clearview.com.au