Plan For Your Succession
Creating Succession Plans for a Smooth Transition of Power
70% of all businesses do not survive a succession battle. Understandably enough, it’s not easy to discuss how your assets are passed on to your heirs after your demise—but a lack of planning nearly always proves disastrous.
It’s essential that you lay down the rules according to which your estate and your commercial interests are passed on to your successors and heirs to avoid any untoward conflicts. You can only manage a smooth succession if you’ve set out legally binding terms of inheritance and taken steps to minimize the liability on your successor once the business is passed on.
Canberra Company will help you create a succession plan to help your business thrive even when you’re not around. We will help you answer the hard questions so that your business passes to your successor without a hitch.
Our consultants will help you figure out the following answers:
Establishing The Future Of Your Business— Should the business stay within your family, be sold to a third party or passed on to someone you deem suitable to manage it? Our advisors will help you assess and determine the right courses of action about the ownership of the business. Assuming you wish to retire, we will devise a suitable retirement plan that guarantees your financial stability.
- Do You Need To Restructure? —Our attorneys and advisors will help you decide who should own the company, who should run it and formalize these demands in a legally binding document.
- Tax Minimization Strategies—Estate duties and inheritance taxes often take a huge sum of the assets in question being transferred. There are ways to minimize these tax payments to make sure that your heirs receive the largest possible portion of the inheritance and we will minimize the tax liabilities associated with succession.