All businesses should have a Business Succession Plan....
Biz Succession Passing the baton to the next generation
What is Business
Succession Plan is a plan for business to pass on to the next
person to manage the company when the current boss has passed
on or become invalid due to sickness or
What is Business Succession
Business Succession and Continuity Plan is a
plan for business to pass on to the next person to manage the company when the current boss has passed on or become
invalid due to sickness or accident.
Depending on the type of corporation status,
the Business Succession Plan will vary depending on the needs of the shareholders :
Public listed company
Private Limited company
Business Succession Plan may include
retirement planning for the boss (i.e. when he exits, what will he gets from the company). It can be part of Estate
Planning for the boss.
Who should have such
Any business person who owns and run a business. It is
more crucial if the person is a "keyman" to the success of the business. Since most companies are closely
knitted family business, it is imperative that the boss should have a plan to hand over the business to the next
generation. If there is no such plan, squabble will result amongst the heirs as to who is qualified to run
the business. Many companies went belly up when the boss passed on. Sad but true
The new person to take over the business may
include the following:
Children of the boss who is normally the main
Current Management Staff who may be related or not
related to the boss
Buyer who buys over the company
Discuss your requirements with professional like us. We will meet up with you to do a fact
find about your business and your requirements. We will then advise you accordingly based on your
needs taking into consideration of your retirement, your aspiration for your business and the financial
standing of the company.
It may involve looking into your account books to evaluate the value of your company, consulting
your accountant and tax advisor and lawyer.
The following will be needed:
Last 3 years financial statements
Buy-Sell Agreement if you plan to have surviving shareholders to buy
over your shares
Executive HR Agreement if company plan to give you a Golden
Shareholder's Resolution to authorize the transactions involved for
Business Succession Plan.
If you are interested, please contact us by clicking the button
Please note that this is a
chargeable service. Amount of our fees depend on the work done.