Small Business Succession Planning
Protect the business you’ve built, and the people who rely on it.
Reviewed by Jacinta Watkins, Partner – Estate Planning and Deceased Estates. Last updated November 2026.
Penrith Office
Ground Floor, Suite 4 291/295 High St, Penrith NSW 2750
Mon-Fri, 9am-5pm
In person, phone or video consultations
Call: 1300 252 529 Get Directions
Protecting Your Business and Your Legacy
Owning a business isn’t just about day-to-day operations. It’s also about planning for the future. For many small business owners in Penrith and across Western Sydney, the business is both a livelihood and a legacy. But what happens to that business if you retire, become unwell, or pass away?
Without a clear succession plan, even a successful business can face disputes, financial loss, or collapse. Employees, clients and your family may be left with uncertainty, stress, and financial risk.
At ALA Law, we work with business owners to create practical, legally sound succession plans that protect the business you’ve built, support asset protection and ensure your family’s financial security.
What Is Business Succession Planning?
Succession planning is the process of determining who will take over your business when you step away – whether due to retirement, incapacity, or death. It’s not just about nominating a successor; it’s about creating a documented succession plan that covers ownership, management, tax, and future growth.
A strong plan can help:
Prevent disputes between family members or a business partner
Protect the business during sudden illness or an unexpected event
Minimise tax implications such as Capital Gains Tax and transfer (stamp) duty
Ensure smooth transfer of shares, family trusts, or partnership interests
Preserve jobs, client relationships and long-term success
Who Needs Succession Planning?
Succession planning is essential if you are:
A family business owner wanting to pass the business on to the next generation
A business partner or shareholder in a small to medium enterprise
A sole trader concerned about business continuity if you can no longer run the business
A business owner with significant assets that need to be managed tax-effectively
How it works
1
Initial consultation
We meet with you in person, by phone or video to understand your business, your family and your goals.
2
Review your structure
We look at your ownership structure, partnership or shareholder agreements, trusts and existing Wills.
3
Prepare your plan
We draft the documents you need, such as buy–sell agreements and succession Wills, working with your accountant where needed.
4
Keep it current
We recommend reviewing your plan every 3–5 years, or whenever your business or family changes.
How We Can Help
Our lawyers take the time to understand both your business and your family dynamics. We collaborate with accountants and financial advisers to ensure your plan is not only legally sound but also financially smart.
Our services include:
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Drafting buy–sell agreements with co-owners or partners
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Creating succession Wills that integrate with your business structures
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Advising on family trusts and companies for asset protection
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Developing tax-effective legal strategies to minimise CGT and other obligations (*we cannot provide financial advice)
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Handling dispute prevention measures to reduce family or partner conflict
Why Choose ALA Law?
We understand that for many small business owners, the company is more than just a financial asset. It’s part of their identity. Succession decisions can be emotionally charged, especially when they involve family relationships, control and the future of something you’ve spent years building. We provide clear, practical advice to help reduce stress and guide everyone involved through this often complex process with confidence.
Based in Penrith and serving clients across Western Sydney, our estate and business lawyers combine extensive legal experience with commercial insight. We provide advice that is practical, cost-effective and tailored to your unique challenges.
Meet Jacinta Watkins
Partner – Wills and Estates, Collaborative Professional
Thoughtful, considerate and detail-oriented, Jacinta guides clients through Wills, estates and estate litigation with compassion – building long-lasting relationships and treating every client like family.
What our clients say
Why do I need a succession plan if I already have a Will?
A Will covers your personal estate, but it may not deal with company shares, trusts, or partnership agreements. A succession plan integrates your business arrangements with your estate plan.
What happens if I don’t have a succession plan?
Without a plan, your business may be exposed to disputes, tax liabilities, or closure. Your family could face financial uncertainty, and employees may lose their jobs.
Can succession planning reduce tax?
Yes. By structuring transfers carefully and in line with Australian Taxation Office requirements, we can minimise Capital Gains Tax, transfer (stamp) duty, and superannuation death taxes.
When should I start succession planning?
You should start succession planning at the same time as you undertake your estate plan.
How often should I update my plan?
We recommend reviewing your succession plan every 3–5 years, or whenever there are major changes such as new partners, significant growth, or family changes.
Future-proof your business with ALA Law’s succession planning services.
Please contact us to arrange a confidential appointment with one of our friendly solicitors.
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