We recognise that operating a business is often all-consuming, but it is important that business owners take the time to consider what they wish to happen to the business in the event that they can or wish to continue to operate it.
A business succession plan is the creation of a legal framework to allow for the transition of assets and control between generations or owners. It does not necessarily mean that the transfer of assets happens immediately, instead, it is a process whereby the general terms of transfer are agreed and the legal structure is created to allow for the implementation of the plan over time.
Mellor Olsson can help you by ensuring you have a succession plan in place and a structure that will allow the plan to be carried out when the time comes. A good succession plan can help to ensure the continued success and growth of your business, limit current and future tax liabilities and in the case of family businesses, help to preserve the harmony and goodwill between family members.
We recognise the need to work closely with all of your advisors, such as accountants, financial planners and bankers, when formulating a succession plan so that each objective and the potential implications of any changes are well considered.
Whether you need some guidance about possible options, a total restructure of your business structure, supporting documents such as Shareholders Agreements and Buy/Sell Agreements, Mellor Olsson can assist.