Succession Planning for Small Business

​After writing a recent blog for a client law firm on Succession Planning, it hit home how small business generally avoids the whole topic, when it should be front and centre!  Now, Present Professionally is not a law firm, and we certainly don’t provide legal advice, but we do raise the topic as being of relevance to small business.  If that’s you, then perhaps you need to initiate a conversation with your lawyer on the topic.

The idea of succession planning or estate planning is very relevant to business owners across all industries.  It’s been my experience that small business owners are generally focused on the ‘here and now’, and by that, I mean the ‘day to day’ events that occur in their business, and of course their private lives.  Circumstances do change, and unfortunately sometimes so quickly it can catch people off guard, leading to a lot of stress and potentially significant financial and emotional pain. 

Wills and Succession Planning are some of the areas that can have a significant impact on businesses, the owners, and their families without careful thought and preparation.  It’s at this point that professional legal advice from a qualified lawyer who’s experienced in estate and succession planning can be invaluable. 

Just as the picture and make up of your business today will be very different to what is was 5 or 10 years ago, in terms of estate planning, what seemed suitable in the past may be inappropriate under your current circumstances. 

Good estate planning (which is more than making a Will) should ensure the right assets pass to the right people at the right time.

Good succession planning should ensure the right people assume control of a business enterprise at the right time, and under the right circumstances, to ensure minimal disruption to the business. 

As an average consumer, we can see that Estate and Succession Planning relating to individuals and businesses can be a complex area of law.  It’s fair to say that every person’s situation is different.  That’s why you need to give this topic some consideration, and engage with a lawyer to put in place appropriate plans.
 
The Queensland Law Society also has a range of brochures and resources available to the public on this and other topics relevant to small business owners.  For more details, we suggest you check out these resources at: http://www.qls.com.au/For_the_community/Legal_brochures and call your lawyer!
 
Anthony Ferro
 
Present Professionally - Power YOUR business with the RIGHT WORDS!
 
Present Professionally serves business customers in Toowoomba, Brisbane, and the Gold Coast Regions.  You can follow Anthony at https://au.linkedin.com/in/anthonyferro1 and LIKE us on Facebook @ https://www.facebook.com/PresentProfessionallyAustralia/
 
 Written and Published by  www.presentprofessionally.com.au

Present Professionally is not a law firm and do not provide legal advice.  This publication covers the legal issue of estate planning in a general way. It is intended for information purposes only and should not be regarded as legal advice in any way. Present Professionally recommends that professional legal advice should be obtained from a qualified lawyer before taking any action on the basis of information presented in this publication.