Often business are setup or ventures are commenced with immediate goals in mind, that being to grow the business and save tax. Over time the owners goals invariably change and they look to the next challenge or find better uses for their time.
The exit from a business is a complex process and needs to be commenced long before the point of sale. Factors include:
- Understanding the reasons for the sale and if there are preferred alternatives
- Understand the timing of the sale and the extent of the exit
- Preparing the business for sale
- Maximising the sale price through profitability and asset value
- Maximising the proceeds received through income tax, superannuation and available CGT concessions
- Contract structuring including terms, earn out rights and vendor financing
- Considering part sales and Buy/Sell agreements
Succession also involves having both business and personal affairs in order.
We ask questions to seek to understand you and your family’s needs and work with legal advisors to ensure the correct use of Wills, Testamentary Trusts, legal contracts and asset structuring.
Considered succession planning minimises family conflict and ensure beneficiaries’ interest are appropriate, protected and ultimately pass according to your wishes.
The sale of a business and bequeathing assets under a will are not acts to be forgotten, we can help you leave a legacy.