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Information Case Studies Business Succession Agreement versus Partnership Agreement

An Australian agreement is expected to have these clauses:

  • Very flexible to suit most situations;

  • Suitable for any type of business;   

    bsaorpartner

  •  Calls for compliance with non-discrimination and other policies; 

  •  Suitable for partnerships of up to ten or more people;

  • Very extensive guidance notes.

Business Succession Agreement ( BSA ) additional clauses:

  1. Business Valuation Formula clearly explained

  2. Immediate succession rules to be clear and certain

  3. Trigger points that can initiate the agreement defined

  4. Rules of Vendor Purchase Schedule clearly explained

  5. Rules to manage any business insurance funding that is in place

  6. Clear rules for immediate transfer of share/unit instruments

  7. Legal protection of outgoing security of payment to ex partner

  8. Comprehensive corporate governance

  9. Dispute resolution procedures in full

Few WA legal firms have a business succession agreement precedent.  Solicitors on the BizSuccession panel do.  Their agreements are underpinned by my reports. This is why, when written by our panel, your BSA is so more comprehensive.

 

Testimonials

Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.