Business & Equity Succession Planning Services

Planning for business succession is an important part of successful business management. The succession planning process enables crucial decisions to be made early, thereby facilitating a smooth transition when the owner or major equity shareholder(s) leave a business, as part of a planned retirement or an unexpected illness or death. It is wise to develop and create a Succession Plan early in the establishment of a business to limit future disruption to business operations and maximise your business valuation.

Business Succession Planning Perth

A succession plan needs to be developed with a realistic timetable and clear, measurable milestones. It will need to take into account commercial, taxation, estate planning and legal issues, along with business management decisions in the best interests of the entity and its stakeholders.  Depending on the size and complexity of the business, a five-year plan to implement an effective succession process is likely to be required.

Murfett Legal has extensive experience in advising on business continuity and succession planning and preparing all related legal documentation, including:

  • Buy-Sell and Exit Agreements;
  • Business and Equity Holding structures;
  • Inter-generational aspects and family member dynamics in a family business context;
  • Management buy-outs and negotiations;
  • Partnership, Shareholder and Unitholder Agreements;
  • Insurance-Funded Buy-Sell Agreements;
  • Risk Mitigation and Asset Protection Strategies Agreements;
  • Director Deeds of Indemnity;
  • Equity Sales and Option Agreements (partial or full);
  • Succession Arrangements for Family Trusts and SMSFs;
  • Employee Share Option Schemes;
  • Charitable and Philanthropy Arrangements (including Charitable Trusts);
  • Taxation Law and planning;
  • Estate Planning, Wills and Funding Agreements; and
  • Mediation, dispute resolution and litigation.

Business Succession Planning is not an overnight or ‘one-off’ process, rather it’s a continuous part of all businesses from the initial formation through to multi-generational, continued ownership of a business. We advise clients at each phase of their business and place their specific needs, personal values and desired goals as central to the advice we provide when drafting Business Succession documentation

Our Business and Equity Succession team has extensive experience working in proactive and ongoing advisory roles. Our clients enjoy the confidence that goes with knowing their objectives will be fully understood and properly implemented.

Why Choose Murfett Legal?

Murfett Legal works closely with clients and their key advisors including accountants, financial planners, bankers and insurance advisors. This ensures Business Succession arrangements are optimised for the best legal, financial, tax and insurance purposes. We do this by:

  • Focusing on the outcomes and results of legal services;
  • Maintaining up-to-date commercial awareness and a proactive approach;
  • Listening to and understanding the legal needs of our clients;
  • Maintaining open and clear communication across client and advisor channels;
  • Forming an integral part of your business and its operations with our legal services; and
  • Emphasising the importance of client and staff wellbeing.

FAQ For Equity Succession Planning Process

Are succession planning services necessary?

Succession planning is crucial if you want to secure the financial future of your business in case of an unexpected event or loss. There are many people’s finances to consider, including the departing person, ongoing owners, as well as staff and their family members. Utilising a professional succession service will help to protect all those who may be affected by a loss to the business.

The process will be facilitated by both an accountant and solicitor, taking into account factors such as ownership, revenue and debt.
How does a business succession plan work?

A succession plan will allow you to prepare for the continuity of the business and its profits in the unfortunate circumstance of the owner or other key individuals leaving through illness, accident or death.

To ensure those risks are mitigated, succession planning starts with the legal interest of each owner in the business and their rights. It should also include provisions to give the continuing owners the rights to buy the interests of the partner who has left and the certainty of a pre-determined price for their share.

When is the right time to start planning for succession?

Generally speaking, business owners are advised to have a five-year succession plan in place to facilitate a structured, step-by-step exit from their business. That being said, succession planning should be considered at each and every phase of your business. This ensures that, in the event that an owner suffers from a surprise illness or passes away unexpectedly, there is a clear plan in place for their business partners and/or the next generation of their family in the case of a family business.

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Customer satisfaction is the benchmark of success here at Murfett Legal. Contact us today and our lawyers will be in touch to fully understand your situation in order to provide clear cut solutions for your needs.

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