While the need for a business to plan for the departure of an owner and to have appropriate legal agreements in place may seem self-evident, a high percentage of businesses do not have any such arrangements in place. Brien Leibinger Lawyers can help. We’ll explain the issues involved and the options available and then prepare the relevant plans and agreements, for seamless business and/or farm succession.
When two or more people own a business together they need to ensure that they have the arrangements in place that provide what is to happen if one leaves due to retirement and ill health or it becomes untenable for them to run the business together.
The arrangements that deal with those possibilities can be part of an agreement that also deals with other matters such as the management of the business (e.g. a shareholders agreement, partnership agreement etc.) or they can form a stand-alone agreement that just deals with the departure of an owner for one of the reasons previously mentioned.
Whatever form the arrangements take, they should be agreed and documented while none of the owners are under pressure. This will ensure that each of the owners has equal bargaining power at that time. Unless there is an agreement that deals with the above possibilities, any of the following are likely to occur:
Agreeing on the necessary arrangements to avoid those consequences is neither prohibitively expensive nor overly difficult.
Brien Leibinger Lawyers Can Help
We are able to explain the options and issues to business owners and then, once all necessary information has been reviewed, prepare the relevant agreement for signing.
Many business owners have worked for years to build up their business and a lot of their wealth can be tied up in the business. The income from the business is often the major or sole income source to support the owner and their family. How will the owner and their family cope if they no longer receive that income or are unable to extract the wealth from the business to generate replacement income?
Brien Leibinger Lawyers are experienced with advising and assisting with business succession planning. If you need help in regards to this contact us today on (07) 4225 5420 or email@example.com
We care about our clients and are pleased to provide a selection of fact sheets, newsletters and other resources, in our helpful online knowledge centre.More Info
Estate planning seems so simple, but we can tell you it isn’t. There are some questions we are asked every day, so we’re providing you with the answers here.More Info
Experienced estate planning and commercial lawyers. We put the plans in place to ensure our clients wishes are fulfilled and their loved ones are protected.More Info
About three years ago we found ourselves needing legal advice in relation to a complicated trust deed. As luck would have it we came across Brien Leibinger Lawyers in the phone book. It was by far the best game of ENEE MEENI MINEE MOW we ever played. ... Since our original meeting with Brien we have returned many times for various other matters. Brien has acted for us when we have subdivided property, sold and purchased farming properties, purchased SunWater water allocation, created or changed trust deeds, provided us with estate planning advice and written our Wills. ... Brien has always been very easy to communicate with. He doesn’t leave us behind with legal terminology that we don’t understand. ... We would highly recommend Brien Leibinger Lawyers to both business owners and any individuals in need of a very good lawyer.
Peter & Chelley Howe - Rock Ridge Farming Pty Ltd
We have appointed Brien Leibinger Lawyers to undertake the legal affairs related to the purchase of several commercial and private properties in Cairns. In addition, Brien has attended to private family matters including the formulation of Wills for the family. I have found Brien Leibinger Lawyers very efficient, cost effective and diligent in the various assignments. Apart from the legal issues, I have found Brien to be a good friend and his advice from time to time has been very valuable. I would not hesitate to recommend Brien Leibinger Lawyers to anyone requiring a good lawyer in Cairns.
Sir Peter Barter. GCL, OBE, Kt - Melanesian Tourist Services Ltd
I cannot thank you enough for your wisdom and excellent advice during the process of reviewing, updating and redrafting the multiple documents within my Estate. The legal complexities of the various documents were clearly explained and I felt comfortable in requesting multiple changes to the drafts ensuring their integrity and that the outcomes in each of the documents was exactly what I wanted and could be easily understood in plain English rather than legal jargon.
Patsy Bjerregaard AM