Succession
Planning
Protecting family businesses across generations — buy-sell agreements, shareholder arrangements, and succession Wills that keep your legacy intact.
Succession Planning for Business Owners
Most family businesses do not survive the death or exit of a founder — not because the business failed, but because there was no plan. The foundations of a working succession plan are a buy-sell agreement that determines what happens to each owner's share on death, disability, or exit (typically funded by life and TPD insurance), and a shareholder or partnership agreement that sets out the rules governing ownership transfer, dispute resolution, and exit in advance. Together, these documents prevent co-owners from being forced into partnership with a deceased owner's beneficiaries and ensure business operations are not disrupted by a trigger event.
A business owner's succession Will must be carefully coordinated with these agreements and with the business structure itself. A Will that conflicts with a shareholder agreement or trust deed can unravel a succession plan entirely. We also advise on the legal structure of the business — sole trader, partnership, company, or trust — and whether the current structure supports the succession goals, working alongside your accountant and financial adviser where restructuring is required.
Family business transitions raise additional challenges: how to treat fairly children who work in the business against those who do not, how to value and transfer the business over time, and how to maintain family relationships through a process that can surface long-standing tensions. We also advise on key person arrangements — ensuring that enduring powers of attorney, corporate authorisations, and key person insurance work together to keep the business running if a director or principal loses capacity unexpectedly.
Based at 4 Watton Street, Werribee, we assist clients across Hoppers Crossing, Point Cook, Tarneit, Wyndham Vale, Truganina, Manor Lakes, and the wider Wyndham region.
Succession planning is one part of a complete estate plan. For business owners, the two must be coordinated — a succession plan without an aligned estate plan leaves gaps. See our combined guide to Will drafting, estate planning, and succession planning.
Estate and succession planning →A succession Will coordinates with your buy-sell agreement and business structure to ensure your estate and your business interests point in the same direction. We draft Wills that work with — not against — your succession arrangements.
Wills — full details →Succession planning sits within our broader Wills and Estates practice — which also covers powers of attorney, probate, contesting a Will, and letters of administration. See the full range of services we offer.
All wills and estates services →Built to last
beyond you.
Succession planning sits at the intersection of estate law, business law, and family relationships. Getting it right requires coordinating all three — and that means working closely with your accountant and financial adviser as well as your lawyer.
We advise on the legal structures and documents. We ensure your Will, shareholder agreements, trust deeds, and insurance arrangements all point in the same direction. We flag the family dynamics issues that often sink succession plans before they are implemented.
The firms and families that plan early have the best outcomes. We have acted for Wyndham businesses across multiple generations — from the original owners to their children and grandchildren. That long-term perspective is something no new firm can replicate.
Succession planning FAQs
Business succession planning is the process of arranging what happens to your business if you die, lose capacity, retire, or exit for any other reason. It involves legal, financial, and structural arrangements to ensure the business continues — or is transferred — smoothly, without dispute or unnecessary tax consequence. A succession plan covers the legal documents, the business structure, insurance, and the family and relationship dynamics that affect how a transition actually plays out.
The best time to start is when you first take on a business partner or acquire significant business assets. Basic protections — a buy-sell agreement, shareholder agreement, and succession Will — should be in place from early in the business life. More detailed succession planning (generational transition, family business transfers) benefits from a 5 to 10-year runway. The worst time to start is when a trigger event is imminent or has already occurred.
Without a succession plan, your business interest passes under your Will — or, if you have no Will, under intestacy laws. This can create serious problems: your co-owners may be forced into partnership with your beneficiaries (who may have no involvement in the business), business operations can be disrupted, and disputes between family members are common. A buy-sell agreement funded by life insurance is the most common and effective way to prevent this.
Your Will and your succession plan must work together. A business interest forms part of your estate and is governed by your Will if there is no buy-sell agreement directing otherwise. In a family business context, your Will needs to address how business assets are treated relative to non-business assets — and how to treat fairly a child who works in the business versus one who does not. A Will drafted without regard to the business structure can undermine a succession plan entirely.
The most common approaches include: a staged gift or sale of shares or business assets to the next generation over time; a trust structure that allows the founder to retain control while transferring economic benefit; or a formal buy-sell arrangement triggering on retirement or death. The right structure depends on the type of business, the tax position of all parties, and the family dynamics involved. We work with your accountant to identify the most effective approach.
This is one of the most common and difficult challenges in family business succession. Options include equalising non-business assets between children who do not receive the business, using life insurance to fund a payout to non-business beneficiaries, or structuring a staged buyout so the business-active child acquires the business over time. There is no single right answer — it depends on the relative values involved, family relationships, and your priorities as the business owner. We work through the options with you.
Costs depend on the complexity of the business structure, the number of owners involved, and the extent of the planning required. A simple buy-sell agreement and succession Will for a two-owner business is far less involved than a multi-generational family business transition. We discuss fees at the outset so you can make an informed decision. Call (03) 9741 3777 to arrange an initial consultation.
Bring details of your business structure (ABN, entity type — sole trader, company, trust, partnership), any existing shareholder or partnership agreements, a general picture of the business value and assets, details of co-owners or business partners, and your existing Will if you have one. Think about who you want to take over the business and what you want to happen if you die or cannot work. You do not need to have all the answers — we work through the issues with you.
Yes. We are based at 4 Watton Street, Werribee and regularly act for clients across the Wyndham region — including Hoppers Crossing, Point Cook, Tarneit, Wyndham Vale, Truganina, Manor Lakes, and Werribee South. We also assist clients in Lara, Little River, and Geelong. Call (03) 9741 3777 to arrange an appointment.
Protect what you've built.
A plan put in place today protects your family, your partners, and your business tomorrow.