Business succession planning sets out what happens to a business when an owner retires, leaves, becomes ill or dies. It usually brings together a shareholders or partnership agreement and a buy-sell agreement, often funded by insurance, so the business keeps running and the owner’s family is protected. We help owners plan ahead and align the plan with their estate planning, from our offices in Newcastle and for clients across NSW.
How we help
The best time to plan a succession is well before you need it. We:
- Prepare buy-sell agreements and the shareholder or partnership agreements that sit behind them.
- Set how an owner’s share is valued, funded and transferred on a trigger event.
- Align your succession plan with your will and estate plan.
- Advise on handing a family business to the next generation.
Why business owners choose Mullane Lindsay
Our succession work brings together our commercial and our estate planning teams, so your business plan and your personal plan fit together. Backed by the firm since 1976, we have guided many owners and families through the handover of a business, with a clear, commercial eye.
What is a buy-sell agreement?
A buy-sell agreement is an arrangement between the owners that says what happens to an owner’s share if a trigger event occurs, such as death, disability or retirement. It usually fixes how the share is valued and how the buy-out is funded, commonly through insurance. That way the remaining owners can buy the departing owner’s share without straining the business, and the departing owner or their family receives fair value.
Aligning your business and estate planning
Your business is often your largest asset, so your succession plan and your personal estate plan need to work together. We make sure your will, your buy-sell arrangements and your ownership structure point the same way, so there are no gaps and no surprises.
