SUCCESSION PLANNING

Ensure you have a shareholders’ or similar agreement on what is proposed if you want to exit the business. Do you want to be paid the market value of your shares?

Over what period of time will you allow these payments to be made?

Where you own the business premises, it is often a good planning measure to transfer the property to a separate entity and for the business to pay rent. This helps provide an ongoing rental stream to you.

Trusts are not about ripping off the tax department – they are a must for asset protection.

If you consider it is best to place the business in the hands of family members who are working in the business, then devise a way to compensate them with an