Building A Business Will & Succession Plans
Business owners tell us that every day is hectic. There are so many things to think about, to organize and to manage. All the ups and downs. How important it is to you that everything runs smoothly?
Running a successful business isn’t just about turning a profit, think of all the reasons you started it in the first place: to be your own boss, to have flexibility, to have greater control over your future and that of your families. Your business is an ongoing investment in both you and your family’s future. Building sustainability into your business is essential.
Ensuring your business prospers ongoing is as much about planning for what might happen tomorrow as it is about feeling secure today.
What would your business look like if something unexpected happened right now?
- An owner/shareholder leaving the business and taking their share of the business equity with them (how would you value the business, how would you fund the payout?)
- The retirement of an equity partner
- An owner taking an extended absence from the business due to serious health related or family related matters
- Dealing with business liabilities and or guarantees, including each owners proportionate share
- Death, total and permanent disablement or significant illness
- Sabbaticals, bankruptcy or divorce
Future proofing your business is critical. What happens if something goes wrong?
Everything can change in an instant. Two-thirds of Australian family businesses do not have business succession plans in place.
Knowing your business better than anyone is a blessing and a curse. If something happens to you, can the business continue without your input?
You may have your personal planning and wills up to date, but do you have a plan to ensure your business will continue to trade should an unplanned event or disaster occur?
What you need is a Business Will…..
A business will allows you to make decisions and build rules (in advance) about how things will work in your business during very difficult situations. Trying make decisions in the midst of emotional and pressured circumstances usually leads to bad decisions. This presents a significant risk for business owners.
Knee jerk reactions can be costly both in financial terms and on relationships. Building your business will (in advance) gives you and your business partner/s the opportunity to sit down and really think about the outcomes you want, so that when unforeseen events occur you are as prepared as you can be.
As a legally binding agreement between co-owners of the business, your business will sets out
what is to happen when predetermined events occur, via a range of pre agreed upon rules, providing the business’s owners and their families with certainty in understanding how each situation will be dealt with ongoing.
Why choose Adept Financial Solutions?
Confidence comes when you have control over your financial affairs. We believe it should be made easy to do exactly that, freeing you up to focus on doing what you do best.
For more than 20 years we’ve been building business wills for all kinds of businesses, helping business owners to protect themselves from every imaginable predicament.
Through our unique discovery process, then working collaboratively with business stakeholders, as well as legal & taxation advisers, we work to understand what’s at stake, identifying and developing an action plan to resolve your particular needs before they have a chance to jeopardize the business.
A Business Will is a vital part of the carefully developed plan.
