Disposing It

Estate Plan

Your estate plan assist you to identify and articulate your wishes in the event of your ultimate death and determines strategies that planned to provide for your surviving family to get the right assets the right people at the right time.

Estate planning gives you peace of mind that your affairs will be in order if you die unexpectedly or become unable to manage your affairs. The structure of an estate plan will vary according to your personal circumstances, but every estate plan has the same goal – to ensure your accumulated assets are managed and transferred according to your wishes in the most financially efficient and tax effective way.

Disposing It

Get Peace of mind Sofra Partners is uniquely positioned to provide independent financial advice and specialist accountants work and coordinate legal services (through our affiliate network) on your behalf, to help you develop a logical and strategic estate plan that could:

  • Provide for and protect loved ones with specific needs, including children
  • Ensure your children’s inheritance receives increased asset protection if a relationship breaks down
  • Ensure you receive professional advice on how to structure your assets to gain available tax advantages
  • Ensure your wishes are recorded in legally binding documents, free from ambiguity; and
  • Provide you with peace of mind knowing, should you die or be unable to legally manage your affairs, that they will be managed by someone you trust.

At Sofra Partners, our aim is to care for you, your family and business from generation to generation. We believe that estate planning should be an efficient and effective inter-generational wealth transfer solution – one that also provides for your required lifestyle and enjoyment ambitions while you are alive as well as long after you’ve passed away.

Contact us for your complimentary estate planning meeting.

Succession Plan

Succession Plan

At some stage you will decide to leave your business; perhaps you have decided to sell, retire or do something else. Regardless of the reason, having a succession (or exit) plan in place will help you to smoothly transition out of your business.

You can start succession planning years ahead of time; having a plan can be useful if there is an unexpected event, such as illness or death. Without a plan the future of your business can be at stake. Early planning also helps you to maximise the value of your business.

We can help design realistic and achievable succession plan that will help you not only realise all those years of hard work, but also ensure that your business dream lives on through the right successor.

There are no set rules about what to include in a succession plan, however you may want to include details of:

  • The successor; family member, business partner, other.
  • Succession type; partial or full succession.
  • Timeframe.
  • Key personnel changes and skill retention strategies.
  • Restrictions.
  • Legal considerations; buy-sell agreement, reference to a will.
  • Risk management.
  • Communication strategy.
  • Financial considerations; retirement income, sale price, tax implications.

You can download a succession plan template from Business.gov.au.

Contact us for your complimentary initial succession planning meeting.

Selling Your Business

Selling a business will most likely be one of the biggest financial decisions in your life. It will require careful planning to make sure you receive the best possible price.

Before you contemplate this action, you will need to fully understand your obligations and the consequences of the sale, things like; what the business is worth, how can you maximise the price, how much tax will be payable, what will you do once your business is sold.

As we are licensed real estate agents as well as accountants we are not only able to provide you with appropriate business valuation with accurate figures, but we are also able to guide through simple steps that will help you maximise the price. After all you probably will only get one shot at getting the best price.

Selling your business

Generally, selling a business involves the following steps:

  1. Determining whether selling is the right option.
  2. Preparing your business for sale.
  3. Setting the right sale price.
  4. Making the sale.

We can assist you in preparing for sale well before you put your business on the market. Potential buyers will want to undertake their own due diligence into your business. However, it is a good idea to prepare a buyer’s information pack outlining key information about the business and what is included in the sale.

Most people have no idea what their business is worth, or they have an unrealistic opinion of what they should get for their business. Determining the value of your business can be very difficult.  Given that you only get once chance at the sale, you may want to obtain advice from qualified consultant experienced in that field. As we are financial advisers, accountant and registered business brokers with experience in selling businesses, you can be confident that you are receiving professional advice.

Intergenerational advice

Inter-generation Advice

We have forged many long-term relationships with our clients, and consequently it is quite common for them to bring along the next generation for trusted advice when transferring the business assets or farm.

Understanding the business for many years places us in a strong position to develop a logical plan for the family business assets and providing strategic intergenerational advice.

If you decide to leave your business to a family member we will help you consider the legal obligations, as well as the impact on family relationships, and hold your hand through the process of involving a lawyer (usually from our network of professional affiliates) in discussions with family members to avoid disputes relating to inheritance, ownership or management.

At Sofra Partners, our aim is to care for you, your family and business from generation to generation. We believe that estate planning should be an efficient and effective inter-generational wealth transfer solution – one that also provides for your required lifestyle and enjoyment ambitions while you are alive as well as long after you’ve passed away.

Contact us for your complimentary estate planning meeting.

Arrange Your Free Meeting Today!