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Business Planning For Small Business

Businesses are often set up in a period of change with owners are more focused on getting the business up and running. In hindsight, often the business should have been set up differently, or possibly the business has been more successful than first assumed.

It is about actively analysing ways to protect assets, implementing tax planning, and promoting the ability for a business to grow by having more employees, and equity stakeholders.

Jason has assisted many clients who are business owners to review how their business has been structured, and continues to operate under.

Business Succession Agreements

If there are two or more business principals, or owners of the business then a Business Succession Agreement is an appropriate part of your business planning.

A properly structured business succession agreement will help to protect a business owner’s equity in the event of the death, disablement or retirement of a principal, or when there is disagreement amongst the parties. These contracts are designed to prevent legal disputes and ensured that all of the parties are compensated appropriately.

Generally, there are two main types of Business Succession Agreements:

  1. A shareholders/partners agreement: which covers issues such as resolution of disputes between the principals, retirement of a principal, etc;
  2. Buy/sell agreement: an agreement between the principals of a business that comes into effect upon the death or permanent disablement of one of the principals.

These contracts take time to finalise as the respective parties have to come together, consent to the business’s value, and form an agreement. Fleming Financial Planning can walk you through the process, and implement the funding solutions required to finalise the Business Succession Agreement.

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Address: 13 Balaclava Street, Woolloongabba, QLD, 4102
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