Business succession planning with Lighthouse Money Management

If you own a business and want to pass it on to family, co-directors or other named individuals, then business succession planning is crucial. This type of succession planning ensures your business can be owned and taken on by the people you want to run it during your lifetime or upon your death.

As your local independent financial advisors, we’ll work with your Accountant and Lawyer to help you make business succession as seamless as possible. Contact us to discuss family succession and business succession planning as part of your overall estate planning.

Business succession planning

You’ve worked hard to build up your business, and no doubt you’ll want it to continue to grow and flourish after you are gone. You’ll also want to look after your employees and make sure their jobs and livelihoods are as secure as possible.

Business succession planning sets out exactly what happens to transfer your business from your control / ownership and passes to the next generation or owner. It focuses on continuity for your customers, security for your staff, and clarity for your family.

Your company succession planning should include deciding:

  • Who inherits your share of the business – spouse, children, or extended family
  • How to secure the ability for business partner/s to buy out your share.
  • Who in the family are most capable of running your business.

To discuss your business succession plans:

You may love your business, but your family may not share in your enthusiasm. Equally, your spouse or partner may know very little about what your business involves. Your adult children may have lives and businesses of their own. Also, you may not consider a family member to be a ‘safe pair of hands’.

A business succession plan can ensure that the family business stays in the family – or not, as you desire. Call us to make an appointment to discuss your requirements.

If you own and run the family farm, there will come a time where you’ll physically need to step back and pass on the business and retire. A farm succession plan can help you pass on your business to the next generation during your lifetime, and also secure your financial assets to fund 30+ years of retirement. See our farm financial planning page for more details.

Want to pass on your business to the family?

Contact us. We’ve helped lots of local families find the best way for them to pass on the family business, or shares/stakes in other businesses. We have the experience and local knowledge to help you do the same.