Business Succession Planning

Business Succession Planning

Prepare Your Business for the Future with Wakefield Lawyers.

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Running a business takes vision, commitment, and hard work. But what happens to everything you’ve built when it’s time to step away?  This business could be your investment folio, if it is held within a company and/or a Trust.

At Wakefield Lawyers, we help business owners put solid succession strategies in place, ensuring your business can continue to thrive without you at the head of the table. Whether you're planning retirement, moving on to new ventures, or preparing for unexpected events, a clear succession plan protects your company, your family, and your legacy.

The best time to plan for the future is today.

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What is Business Succession Planning?

Business succession planning is about ensuring your business can survive and succeed beyond your leadership.

It’s more than just naming a successor, it’s about creating a structured approach to the transfer of ownership, management, and decision-making power.

Good planning prepares your future leaders, outlines how transitions will happen, and puts the necessary legal and financial protections in place.

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Why Every Business Needs a Succession Plan

For a business to be successful long-term, and to be able to operate without you, you need to put the planning in early. The benefits of business succession planning are as follows:

• Successful transitions, that are well thought out and planned for, will operate more smoothly, to avoid business disruption. This benefits the value of your business, and the job security of your employees.
• The business is more likely to continue to be financially viable, and perhaps even grow, if the succession plans have been put in place early, with the right people being trained over time.  
• Should you want to attract future investors, or successfully apply for finance, your business is more valuable if it has a succession plan that shows a clear plan for the business to continue to operate and succeed well into the future, without relying upon any individual.
• Knowing that you have a plan, with certain goals, will give you peace of mind that your business can outlive you.

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How Wakefield Lawyers Supports Business Succession

Every business is unique — and so is every succession plan.

Our experienced team works alongside you to design a personalised strategy that fits your goals, structure, and timeline. It is important to document your succession plans legally.

In case of ill health, you should consider a Corporate Power of Attorney so that someone that you trust can sign business related documents on your behalf. The person that you trust for this role, may differ from who you would choose to appoint for an Enduring Power of Attorney for your personal decisions and transactions.

In the lead up to retirement, or maybe just preparing in case of a surprise debilitating health issue, or death, you may require a Buy/Sell Agreement to be put in place, even where some of the steps are to take place in the future. This Agreement can take into account the following:

• When a purchase of business will occur, and over what timeline. This could include upfront payments, or repayments over time with a loan agreement;
• How to ensure assets are protected, to retain the value of the business; or
• Working with your accountant to ensure taxation effectiveness.