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Services Business Succession Agreement

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

Andrew said

Jim pro­vided very sound and practical advice on what to do if one of the busi­ness partners wanted to leave. His Suc­ces­sion Agree­­ment elim­ina­ted any questions as to what would hap­pen and how it would hap­pen. Thanks Jim.