Business Succession Planning in WA: Ownership, Control and Continuity

A succession plan coordinates who will own, control and manage the business after a planned or unexpected event. It may require a shareholders or partnership agreement, valuation method, buy-sell terms, funding or insurance, key-person arrangements, wills, EPA and trust or company changes.

Questions to answer

• Who can make urgent decisions?
• Who may acquire the departing owner's interest?
• How is value calculated and funded?
• What happens to personal guarantees?
• Can the family receive value without managing the business?
• Are licences, leases and key contracts transferable?
• Do the will and ownership documents produce the same outcome? A will alone cannot solve company control, trust succession or lease and finance requirements. Review all governing documents and maintain a secure continuity file with authorities, contacts and critical deadlines. Book a business-succession review.

Sources

• ASIC — Planning business succession
• Corporations Act 2001 General information only.