Business & Estate Planning
If you are a business owner, you need to be aware of the importance of succession planning, asset protection and tax planning.
These hot topics have driven a plethora of products into the marketplace which often claim to provide tax savings and generic asset protection. It is good sense to seek clarity and advice from us as to what these legal products mean to you and whether they are suitable to your needs.
It is widely recognised that most businesses are successful due to the ability, drive and commitment of the owners of the business and the harmony which exists between them.
Many factors can disrupt a successful business relationship, the most unpredictable and potentially devastating being the death or disablement of an owner, whether that business is owned by family interests or a number of unrelated equity holders. Likewise the unexpected retirement of an owner can cause major dislocation to the smooth functioning and profitability of a business.
Businesses are most fragile whenever there is a change in management or ownership and yet few businesses have planned for this contingency. Indeed, bearing in mind the potential impact on a business, it is extraordinary the number of businesses that do not incorporate a Business Succession Plan as an integral component of their overall strategic planning.
A comprehensive approach to Business Succession Planning identifies the risks facing a business from a “human perspective” and develops and implements strategies to minimise the economic consequences of these risks. Preserving the value of the business is central to succession planning as is securing the value of the departing principal’s interest.
The team at Evolution Legal are leaders in developing effective succession planning strategies.