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IGS Business Succession Planning Services

 

What Services Does Ian Gray Solicitor Provide?

Ian Gray Solicitor ("IGS") provides the following Succession Planning Services for Business Clients and Advisers in all states and territories of Australia:

 

 

Complete Succession Plan

IGS assists Clients and Advisers to develop and document a "Complete Succession Plan".

This strategy is most suited to Businesses with Multiple Proprietors or Owners. However, in most cases, it can be adjusted to suit the needs of Sole Proprietors and Family Businesses.

A Complete Succession Plan can deal with both:

  • Insurable Events (such as Death and Disability); and

  • Uninsured Events (such as planned Retirement).

IGS provides Succession Planning Services in consultation with the Client's Adviser using a fact-finding process (the "One Page, One Policy Strategy") that assists the Adviser address Technical, Marketing and Underwriting issues with confidence.

For more information about Business Succession Planning and the Complete Succession Strategy, click here.

 

Alternative IGS Business Succession Agreements

IGS offers a number of alternative Business Succession Agreements on a Fixed Fee basis:

 

Simple or Complete Succession Plan

These alternatives give the Business a choice of Agreement, depending on whether it requires a Simple Succession Plan or a Complete Succession Plan.

Click here to read about the difference between the two types of Succession Plan.

IGS can use any one of the Agreements to document a Simple Succession Plan.

However, it uses either a Complete Succession Agreement (Single Policy-Owner) or a Complete Succession Agreement (Multiple Policy-Owner or Hybrid Agreement) to document a Complete Succession Plan.

 

Fixed Legal Fees

IGS charges Fixed Legal Fees for all Agreements and Services.

The Fixed Fee charged by IGS depends on the choice of Agreement.

Click here to see the current Fees for all Agreements and Services.

These Fees apply subject to the Legal Fee Policy.

 

Identity of Policy Owner and Trustee

Self-Ownership Business Succession Agreement

If a Self-Ownership Business Succession Agreement is used, the Policy Owner will be the Life Insured personally.

A Trustee is not required for the Self-Ownership Business Succession Agreement.

Business Insurance Trust Agreement

If a Business Insurance Trust Agreement is used, the Policy Owner will hold the Policies as a Trustee.

The Policy Owner and Trustee is usually the Clients' Business itself or one of the entities within the Business Structure (preferably a Company).

No Institutional Trustee Companies

IGS does not use an Institutional Trustee Company.

Choice of Trustee

Click here to read about your choice of Trustee.

A Trustee is not required for the Self-Ownership Business Succession Agreement.

 

 

Primary Focus of Complete Succession

Complete Succession is primarily concerned with the family, commercial, financial, legal and taxation implications of:

  • the change of ownership or control of the Business (or Equity in the Business);

  • the method of funding the Sale Price; and

  • the need to extinguish personal liabilities with respect to debts of the Business.

Management Strategies

From a management point of view, it is important to design business strategies that:

  • repay the debts and liabilities of the Business;

  • improve the profitability of the Business;

  • build the capital value of the Business;

  • maximise the Sale Price of the Business (or part of the Equity in the Business);

  • identify and train people who can assume management and marketing responsibilities;

  • identify a prospective Purchaser (if required); and

  • facilitate the ability of the Purchaser to borrow or pay the required Sale Price.

These management strategies are not the primary focus of this web site.

 

 

Index A: Welcome to Complete Succession!

See here for the Complete Succession Home Page.

 

Index B: FAQ's about Business Succession

See here for more FAQ's about Succession Planning.

 

 

Important Notice

The information and opinions on this web site are not intended to be acted or relied on by any Business or Adviser, except on the terms of a formal fee-for-service Lawyer and Client relationship with IGS pursuant to which IGS:

  • identifies the specific needs of the Client; and

  • advises with respect to those needs.

 

Limitation of Liability under Professional Standards Legislation

Liability is limited by a scheme approved under Professional Standards Legislation.

 

 

 

Putting Common Practices to a Common Sense Test

The Complete Succession Strategy is based on a common sense approach to the needs of Business.

It assumes that Business People prefer strategies that meet the commercial needs of the Business and satisfy the test of common sense.

The Role of the Lawyer and the Legal Agreement

Business Succession Planning is an area where the Commercial Strategy is primary.

The Legal Agreement is important, but secondary.

The Right Engine for the Commercial Strategy

It is a servant of the Commercial Strategy. It is a vehicle or engine that drives the Strategy.

Once the Strategy is formulated, the question is: what legal engine is required to implement it?

The Business Insurance Trust Agreement

This is the origin of the concept of a Business Insurance Trust Agreement.

This Agreement is an engine that drives a Complete Succession Plan.

Many Advisers are unfamiliar with the concept of Complete Succession and continue to adhere to historical practices that appear to "do the job" or at least one part of it.

They continue to focus on the "buy/sell strategy" in isolation from the other needs of the Business or the Proprietors.

This practice means that the legal engine is restricted to a buy/sell strategy in isolation from the other components of a Complete Succession Plan.

Many Advisers never stop to think whether there is a better way of helping a Client.

 

Copyright: Ian Gray Solicitor

 

 

Adviser Support System

IGS offers different ways to work together, depending on how actively an Adviser wants to promote Business Succession Planning and Business Insurance.

If you expect to have more than one Business Succession client a year, you might benefit from acquiring a Licence to use the IGS Adviser Support System.

A Licence can assist you and reduce the cost of your Client's Succession Plan.

The main benefits are free Client Meetings and Teleconferences in most capital cities, as well as a discount of $990 with respect to a Complete Succession Agreement or Business Insurance Trust Agreement.

Find out more

 

 

Current Marketing Schedule

Current Marketing Schedule

Ian Gray travels to most capital cities regularly throughout the year and is available for Meetings.

Please click here to see his availability in Brisbane, Sydney, Melbourne, Adelaide and Perth.

Please contact us to arrange an appointment or teleconference.