If your business is like any other, the chances that you have many “moving parts” is high. The machinery we’re referring to are you and your fellow business principals, with whom you’ve most likely worked very closely with over a number of years, to build the impressive business you have today. It’s your life’s work.
What happens to this finely tuned unit if there is a serious or unexpected event, such as the premature death or unexpected disablement of one of the principals?
Will the affected principal – or their family – continue to participate in the running of the business? Would they prefer to sell their share? Have you agreed on a valuation? How would you fund the purchase?
The answers lie in an up-to-date business protection plan.
A Succession Plan to ensure your Retirement
One of the advantages of self-managed super funds (SMSFs) is the ability to acquire a business real property (BRP), such as a commercial property, a shop or even a farm through your SMSF. The property can then be leased back to a member to use in a business. Here is a handy guide that you will find gives you the information you need to know about transferring ownership of a business premises to your SMSF.
|The Advantages||The Disadvantages|
Ensure your business has a formal and fair agreement to protect your interests and those of your fellow business principals’, in case of a premature death or unexpected disablement.Specialist advice to ensure that disputes are avoided, funding is available, and that all parties interested are protected, in case a business principal experiences premature death or unexpected disablement.
|The Offer||The Benefits|
|Ensure your business has a formal and fair agreement to protect your interests and those of your fellow business principals’, in case of a premature death or unexpected disablement.||Specialist advice to ensure that disputes are avoided, funding is available, and that all parties interested are protected, in case a business principal experiences premature death or unexpected disablement.|
|Access a team of business protection specialists across tax, estate planning, and insurance.||Ensure that all angles are covered, and that your business protection plan is tailored according to your business’ and family’s needs.|
|Assign a trusted and experienced project manager for your business protection plan.||We have been assisting business owners to navigate a range of complex areas in business management for over 12 years. We will manage your business protection project to save you time and ensure deadlines and budgets are met.|
Contact our office on +618 6315 2700 to meet with one of our Business Protection Specialists.