Succession (Future Planning)
 
 
 
 

Succession planning for family business in regional & rural australia

 

 
Succession, or future planning, is a critical element of ensuring a family agribusiness or small business operation survives the test of time and the family's wishes are achieved. Finding time to talk about a succession plan can be difficult given everyday business and family challenges, whilst it is often a potentially sensitive topic. LH Law specialises in family business succession planning and can help you today.

Receiving legal and business assistance for future planning can help families sit down, work together and come up with a succession plan that suits everyone’s needs and expectations. LH Law is a succession planning family owned business and can deal with any family challenge that may arise. Contact us today for more information.
 
 
 
 

Solutions, Not Confrontations

 

 
Agribusiness and small business families value relationships and tend to prefer solutions, not confrontations. Possessing all the skills of a mediator allows Louise at LH Law to foster a less adversarial approach when working with families. Non-confrontational, solution-based future planning is vital for families who need to continue to work and live together for generations to come.

Successful future planning involves working with families to achieve personal, family and financial benefits for each generation.

Statistics show that families who start the process of future planning early have a much higher chance of achieving a positive outcome for all family members, as well as their agricultural businesses.

Louise has a genuine understanding of family agribusinesses and small businesses and the relationships between family members through her experience as a Lawyer, Certified Practicing Accountant and Agribusiness operator.

She is also a Nationally Accredited Mediator and has delivered successful outcomes for many families. These outcomes include intergenerational transition through direction and clarity of goals, increased financial awareness and security, and increased opportunities for the business.

 
 
 

A Step by Step Approach: Future Planning for Generational Succession

 

 
 
 
Step
1
 
 
 
What does your family want to achieve?
  • Information gathering process
  • Establishment of family needs and goals
  • Identification of key issues

By utilising her mediation, legal and accounting skills, Louise can assist each of your family members in having a say regarding their needs and goals. This environment makes it easier for various family members to ask tough questions and creates a platform to discuss what the family wants to achieve.
 
 
 
 
 
Step
2
 
 
 
Generating Options and Solutions for your family

This step assists in building the foundations for how your family can work together towards a common goal. Your family, with our assistance from an integrated legal, accounting and business perspective, will work through options and generate solutions. Options and solutions are put forward for your family to review. When recommendations are finalised, you will be ready to implement your plan.
 
 
 
 
 
Step
3
 
 
 
Making Your Succession Plan Happen

Once your family has decided on an intergenerational succession plan, the implementation phase is put into place through a “Deed of Family Arrangement.” It documents the action plans for your family's generational succession.
 
 
 
 
 
Step
4
 
 
 
Estate Planning

Your family's generational succession planning is not complete without considering and implementing estate planning processes. Our services are specific to your family needs and include assistance with:
 
 
  • Wills
  • Powers of Attorney
 
 
 
  • Advance Health Directives
  • Binding Death Benefit Nominations
 
 
 
  • Estate Administration