WMP Group

Financial Planning

Call: (08) 9368 6030

Business Succession Planning

Nobody likes to think about it, but it’s inevitable that one day you will leave your business. Whether you decide to sell up, retire, or for health reasons, it’s imperative that you plan for that day.

A Business Succession plan outlines who will take over your business when that time comes.

A good succession plan enables a smooth transition with less likelihood of disruption to operations.

We will work with you in planning that exit well in advance to ensure you maximise the value of your business and enable it to meet future needs.

What is a Business Succession Plan and how does it help?

A Business Succession Plan is a financial and tax plan that can:

  • Ensure your family and yourself receive the true value of your interest in the business when it’s sold
  • Give your business every chance of survival when you are gone or suffer a long term illness or accident
  • Allow for an orderly transition of ownership to the remaining partners, family members, or key employees – rather than suffer a fire sale
  • Provide a ready market for your business interests

A Business Succession Plan considers the best way to:

  • Structure your affairs to reduce unnecessary Capital Gains Tax, Income Tax and Stamp Duty for you, your family and your remaining partners
  • Fund the transfer of your interest in the business to your outgoing partners
  • Trigger the events to allow the succession to take place, e.g. death, total and permanent disability, trauma, illness (i.e a heart attack), retirement and resignation
  • Find the best buyer for your interest in the business by encouraging employees and associated persons to consider themselves as future owners in the business

Our role in the process is as follows:

Business Succession Agreement

  • We liaise with your accountant and nominated Tax Lawyer to assist in determining the scope and terms of your agreement. Our role is to project manage and coordinate this and all the other stages of the process.

Risk Management

  • Without ties to specific insurance companies, we research the market and locate the most appropriate insurance for the company.

Implementation and Design

  • Once a draft agreement is structured and a policy is selected, the process of implementation will commence. Wealth Management Partners will ensure all requirements are dealt with quickly and efficiently.

Regular Review

  • Wealth Management Partners will undertake a regular review of your Business Succession Plan to ensure that it continues to meet your needs. This is at the discretion of all parties involved.

A Business Succession Plan can be structured in a number of ways to meet the needs of the company. No two businesses are alike and it is important that the company Accountant and Solicitor are involved in the process.

Perth Office

129 Melville Pde, Como

Postal Address

PO Box 1408, South Perth WA 6951

P 08 9368 6030

F 08 9368 5798

E admin@wealthmp.com.au


If you would like any further information with regard to Business Succession Planning please contact our office (08) 9368 6030

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information.

Wealth Management Partners Pty Ltd ABN 74 103 533 455 are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, trading as Garvan Financial Planning, an Australian Financial Services Licensee which has its registered office at 105-153 Miller Street, North Sydney NSW 2060 and a member of the National Australia group of companies.

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