VWM works closely with business owners' and key organisation staff to assist them to identify and prioritise company goals.
Through this process we can assist the following:
- Business succession planning
- Estate planning
- Key person protection
- Employee/corporate superannuation plans
- Salary Packaging
- Structuring of employee benefit packages
There are certain specific strategies that may can be implemented to protect you, as a business owner from certain events that threaten your business' continuity. Examples of events are:
- your desire (or the desire of another owner) to leave the business;
- disablement or long-term ill health;
- loss of a professional license; and
- bringing the business into disrepute (eg conviction of a criminal offence).
To manage some of the above events in advance, you as a business owner can employ a succession agreement (also known as a buy/sell agreement or 'business will'). This agreement may document the passing of your portion of your business to a co-owner or in the case of a family business, to one (or more) of your children/siblings.
The succession agreement is a contract between you and any other owner/s of the business. It is a formalised agreement that allows all significant issues that can arise for your family and that of any surviving business partner/s to be documented and resolved well ahead of any event.
In addition to enacting a succession or agreement, a business should have other risk management strategies in place that sit comfortably within one of these agreements.
VWM has the experience with setting up buy/sell agreements and advising how these arrangements can be funded to ensure a safety net will be available when a buy-sell trigger event occurs.