February 21, 2018
Across all sectors and industries, succession is a concern for many business owners. It does not matter whether it is an external sale or a passing of the business to another generation within the family. If the process is not well communicated and not well planned, then succession can be fraught with difficulties. Succession planning is about transferring control and ownership of your business to others. In New Zealand research indicates that up to 40% of business owners will look to...
November 21, 2017
Andrew Kidd, Associate. Andrew has 8 years’ experience at Nexia Chartered Accountants, working with a variety of clients across multiple industries which include Medical Practitioners & Property Investors. His diverse client base allows him to apply his knowledge across varying client scenarios. He particularly enjoys working with clients to assist them in fully understanding not only their tax obligations, but also what the numbers mean.
July 5, 2017
It is important that every business owner has a succession plan in place to cover what would happen upon their death or another trigger event. Commonly, if you are in business with someone else this will involve entering into a buy/sell agreement supported by life insurance policies on each partner’s life. The proceeds from the life insurance policy provide the funding to enable your partner(s) to buy the business. The buy/sell agreement (which should be drafted with the assistance of a...