Business Succession
& Family Business Succession
Business Succession
Proper succession planning for your business is essential. Cosgriff Orchard Legal has expertise in advising businesses as to the important issues concerning succession planning. It is imperative that businesses properly plan for all 
eventualities including the retirement of any of its principals, dealing with circumstances where a member of the business is unable to work and also dealing with the outcome of the passing of any of the business owners.
Succession planning involves creating a legal arrangement by which you provide for the future direction of you business. The succession plan may provide that the following will occur on the resignation, retirement or death of an owner:
• Buy or sell business;
• Buy or sell property;
• Deal with shares and partnership interests.
There are various ways in which you can fund the business succession plan so that upon the business plan coming into operation the business has the funds to complete the transaction.
Types of funding include:
• Self funding - where the members of the business provide the funds for a purchase or other transaction;
• Funded by insurance - it is important to ensure that you have the adequate insurance cover to comply with your business plan;
• By a sinking fund - where you add to the fund overtime to build up funds for future succession planning requirements
Family Business Succession
Where you are operating a family business there are often additional considerations when structuring your business plan.
You may wish to consider the following:
• Keeping the ownership and management of the Family Business within the family;
• Keeping the ownership of the Family Business within the family but allowing management by non-family members;
• Selling the business to a non-family member.
We are happy to discuss and assist you with your family business succession plan.
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