Succession Planning

Your business is a long-term investment. If you are looking to sell, retire or hand down within the family, succession planning focuses on continued success in times of change.

Succession planning is a big-picture examination of your personal and business assets and responsibilities, and identifying how best they can be managed in times of change. It is essential to ensure your assets and entitlements are protected. It puts you in the driver’s seat allowing you to take control when a crisis hits, and minimises disputes in times of high stress.

Our difference

Development of a succession plan should ideally start between three and five years before you’re looking at moving on. This allows plenty of time to put in place structures necessary to achieve your goals. In developing your succession plan, we consider all your goals – family, wealth, the business and your legacy. We ask the fundamental question ‘what do you want to achieve?’ and help you enact a plan to get you there.

Farm succession planning

For more information on farm succession planning, including how to minimise stamp duty, please visit here.

Succession Planning FAQs

There are a few things that you need to think about when creating your succession plan including:

  • who you want to take over the business,
  • what your business is worth,
  • when you plan to leave the business,
  • what are the financial implications of you leaving,
  • what training is required to ensure your successor can take over, and
  • the legal requirements that must be completed to implement the change.

It is important to consult a professional when creating your succession plan. Your accountant can help identify financial risks and opportunities and your lawyer will make sure that you haven’t left anything out.

 

Free farm succession hand book

Succession planning is often a complex issue for farming families. 

This free guide from Robertson Hyetts provides information for farming families who are just starting the conversation on the topic of succession planning, or already in the process of implementing changes. 

Just fill in your details below to be sent your obligation free book.

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We recently had the experience of a long running property dispute that had its own complexity and uncertainty attached to it. Having retained Robertson Hyetts firstly for the property and town planning aspects and then moving into the litigation phase we found the management of our file to be sound and the advice received along the way to be exactly what we needed.
No outcome in a legal dispute is perfect although, in our case, we achieved a positive result that more than helped our situation and restored a balance to our lives. We wouldn’t hesitate in recommending the team at Robertson Hyetts.

Wayne & Lisa Smith, Directors, Lintern Holdings

Succession Planning Knowledge Base

Our Succession Planning experts

Trent grew up in Oxley, near Wangaratta, and has practiced law for 16 years. He enjoys the intellectual challenge practicing law provides. Trent’s strengths are his willingness to listen and providing practical solutions in an easy to understand manner.

Trent McGregor

, Lawyer& Associate

Bendigo Office

386 Hargreaves Street
Bendigo, Victoria 3550
Phone: 03 5434 6666
Fax: 03 5434 6667
Email

Castlemaine Office

157 Barker Street
Castlemaine, Victoria 3450
Phone: 03 5472 1588
Fax: 03 5472 4808
Email

Online Meetings

If you can’t make it to either of our offices, we’re happy to meet with you online to discuss your needs.

Book an online meeting

We acknowledge and extend our appreciation for the Dja Dja Wurrung People, the Traditional Owners of the land that we live and work on, and pay our respects to leaders and Elders past, present and emerging.

© Copyright 2022 Robertson Hyetts

Liability limited by a scheme approved under Professional Standards Legislation.

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