Planning for the future when it comes to business, farming and your estate is one of the most important plans to be made and shouldn’t be taken lightly.
Succession planning will ensure the future of a business owners or farmers greatest asset.
Wagga solicitor Maggie Orman is passionate about helping farmers and business owners implement a plan to ensure future success.
Growing up on a farm, studying agriculture prior to law and running sheep and cattle today gives Maggie an understanding of how farms and businesses operate, the challenges they face and a vested interest in assisting farmers and business owners.
“People should start with the end in mind,” she said.
“Every business owner or farmer should ask themselves “When do I want to exit the business and what is my exit strategy?”
If succession planning is left too late old age or illness can force a plan to be implemented quickly which may not result in the best possible outcome.
“Look at it early, the longer you leave it the harder it gets,” Ms Orman said.
“It’s never too early to start thinking about succession.”
There are numerous models of succession to choose from.
Some business owners/farmers want to sell, others want to pass it onto children or set up employee share plans.
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This is where employees purchase part of the business over time.
Over the years Ms Orman has played a large part in assisting hundreds of clients with their succession plans and it is this passion which saw her establish a partnership with Craig West from Succession Plus.
The pair share the same passion for succession planning and have teamed up to compliment each others skills.
The partnership was launched at the Riverine Club on Thursday November 23 with more than 30 clients, accountants, bankers and financial planners attending.
This event was complimented by the launch of Orman Solicitors new website the same day.
The team at Orman Solicitors are capable of handling a large volume of cases at any one time.
The boutique law firm offers services in family law, criminal law, estate planning, litigation and succession planning.
“We only practice in a few select areas of law and provide a specalised service.”