Family succession

A common element of family business is that the purpose of the business is to help the family over generations.  It might be through continuing the family business or providing funds to different family members to allow them to go on their own paths.

Treating every generation with respect and engagement through our “one up one down” strategy gives family businesses one source of contact and an ongoing financial development of the family over time.

The succession path can be done through regular family AGM’s, forecasts for the family’s business wealth, asset structuring, enlightened tax advice, family charters and financial education for multiple generations.

Acknowledging and respecting every generation is at the core of what we do. We spend time understanding the purpose of the family’s business, the family assets and recognise that the succession of the family is an incremental journey.

Estate planning

Estate planning is a process that goes beyond getting a will prepared.  With the ever-increasing array of business structures, partnerships, companies, trusts, super funds, and joint ventures, estate planning can become a complex nightmare.

At Westcourt we approach estate planning with a collaborative approach. We engage with lawyers, insurance brokers, real estate agents and investment advisors to give the succession of the family in business the best change of working as it is intended – tax effectively.

The estate plan, coupled with our unique Westcourt “fearless folder” simplifies the knowledge transfer of a family’s estate significantly when the need for administration arises. The clear documentation of business structures, investments, money flows, passwords and contact details of every important advisor significantly reduces the stress, workload, and cost, of a family in business during a time of grief.

Business sales

The sale of a family business is the end goal for many families.  The next generation often has no desire, or capability, to run the family business.

Westcourt has helped families in business sell, from small franchise businesses to ASX top 25 organisations and run the due diligence process together with contract negotiation (including GST and tax position on earn out clauses).  We provide detailed due diligence expertise together with leveraging the employees of the family to reduce unnecessary cost.

The sale of a business, either to an outsider or to the next generation, represents a significant once in a generation opportunity to generate significant tax benefits together with the ability to quickly increase superannuation balances so the investment proceeds are tax effective.

The detailed, considered, and documented tax advice on business sales is critical to ensure that the lucrative tax concessions are enjoyed in full.  These opportunities while significant, are also complex and require navigation through a raft of anti-avoidance rules and procedural tasks that will impact (or eliminate) the tax opportunities.