One of the most important aspects of a business is to ensure that it will survive you.

It is imperative that you put in place adequate succession arrangements to ensure your business can continue in the event that something was to happen to you.

This may be as simple as having a written plan, a formal shareholder or unit holder agreement or a bequest in your will that the shares/units in the business pass to the appropriate person.

Without a proper succession plan, you may find yourself in business with a current partner or directors spouse or children who has little, if any, interest or knowledge in your business.

The lack of proper succession arrangements is one of the major reasons why businesses fail in the longer term.

Duffy Lawyers can provide you with specialist advice on all aspects of business succession tailored to your individual business structure and personal circumstances.