Basically, the process of ensuring that your business can continue to operate smoothly and successfully in the event of your death, incapacity, or retirement. This can involve a variety of steps, such as identifying and training a successor, transferring ownership of the business, and putting in place financial and legal arrangements.

First, it can help to ensure that your business continues to operate with minimal disruption should you or your business partner die or lose capacity. It can also help to avoid disputes and any confusion as to what is to happen when the unexpected happens..

The key steps in business succession planning vary depending on the specific circumstances of your business. There is no one-size-fits-all solution. At Empire Law we tailor estate plans to each individual client. However, some questions you may wish to consider when preparing a plan:

• Who should be in charge or have my power if I die or lose capacity?

• Where will my share of the business go if I die?

• If my share/s are to be sold, who can they be sold to? (e.g. another person or back to the business)

• How will the business calculate the value of my share/s of the business?

• How will the business/my business partners be able to afford to purchase my share of the business if I die?

• Does the business have any documents that may affect my decisions above such as partnership agreements, shareholder agreements, company constitutions, trust deeds etc.

Empire Law can assist you with answering all of the above.