Succession Planning

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?

1. 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
2. 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.
3. 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.