Business Succession Advisory
Succession planning is important for all businesses, no matter how distant the actual succession may seem
When the owners of a business slow down, retiring age, seriously disabled or dies, a change in management is always almost necessary. At this stage, business owners would rather not contemplate to do planning. Being ON the business at this stage requires more effort and resources as the crucial issue determines the continuation of the business. Business owners are usually being on a look out by hostile takeover by others at this stage.
Succession planning is important for all businesses, no matter how distant the actual succession may seem. A succession plan is a formal process that determines how a business will be transferred during the lifetime or even upon death to others, outlining the steps necessary to prepare for feuds arises among the partners and for that transition for new owner. Preparing such a plan early is important, even if you don’t plan to retire for many years. An unforeseen event could suddenly make it impossible for you to continue operating your business.
Are you ON or IN your Business? Are these your concerns…?
- I’m running a family business with my siblings with constant Family Feuds. What will my exit and cashing out strategy be? How to pass down the baton to the next Generation?
- My business is picking up, how to prevent money greed among my partners and plan for our Corporate Will?
- How do I plan to exit and still have a consistent income after that? Will my partners allow it?
- My partners are older than me, they will probably leave the business first. What would happen to their shares? I do not wish his family members to succeed him and become one of the partners
- I plan to start up business with my friends. What kind of agreement should I put in place to prevent misunderstanding in future?
- Will my partners still pay the same amount of perks (that I’m currently enjoying) to my wife upon my death? how do I make sure that my surviving partners do not shortchange my wife?
- How do I protect my company from the effects of death and disablement of the Key Person in my company?
- I have Muslim partners in most of my businesses. What are the implications if I don’t plan and upon their demise, how would the Syariah Law of Distribution affect me and the business?
Defining Business Succession Planning
The process by which a business owner plans for the successful transition of their business investment in order to maximize its value thus, maximizing the return on investment for the largest component of one’s personal assets, estate, and life’s work. By planning for succession its liquidity and marketability will be increased.
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