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:
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.