When a business partner leaves the business because of death, disablement, divorce or other circumstances, the fallout can be extremely challenging for the remaining business partners. Especially if no arrangements are in place for such an event.
In the absence of a buy-sell agreement prolonged legal action, confusion over ownership of the shareholding, control of business assets and the potential for next of kin to force the sale of the business or inherit a role managing the business (regardless of qualifications), are among the complex issues that will need to be resolved.
How we help
We create business succession and retirement strategies (often in collaboration with your accountant). This may include recommendations for drawing regular income from the business, contributing to superannuation, restructuring business loans, through to taking advantage of opportunities that are available through SMSF such as investing in quality shares or purchasing property to build assets, generate income and grow your retirement savings balance.