BUSINESS SUCCESSION PLANNING

FBL Consulting Services

Published on: 14 September, 2020 by Foster Lee


BUSINESS SUCCESSION PLANNING 

A Business Succession Agreement (“BSA”) is a vital tool in any business to ensure that the business (and its owners) are fully protected in the event of the involuntary departure of an owner or the occurence of an “unexpected” event. Do you have the “spare” funds to pay out that person?  

Planning for the day you leave your business is a valuable “investment”. Whether you decide to sell up, retire or have to get out of business due to health reasons, it's important that you spend the time with your family and/or your business partners and plan what you're actually and realistically going to do. A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance, you can maximise the value of your business and enable it to meet future needs. Creating a strategic succession plan that is attainable - this means setting a realistic timetable and measurable milestones along the way and sticking to them. Please see your solicitor about this asap! If you do not have a competent solicitor, I can definitely refer you to one.

 



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About Foster Lee

Foster is a specialist in aspects of income tax, from the individual to companies and family discretionary and/or unit trusts, bringing together those over thirty (30) years of experience.

He prides himself on quality work at a very value-based fee, meeting the needs of all his clients on a timely, accurate and meaningful basis to protect them. His easy, approachable manner and personalised attention makes all the difference and Foster’s experience in the management of people and their skills is an advantage to you. He genuinely has your interest at heart to maximise your financial/business goals and objectives.

Specially tailored fees can be structured to suit your personal needs and circumstances.