Five tips for family business succession planning
Posted 06 Sep 12 by Nick Falzon
Succession planning remains as a significant issue for family business owners in Australia, with a range of economic and business factors placing increased emphasis on proper planning.
A fully planned and considered approach will help family business owners to plot their future. It provides a strategy and prioritised choices as well as a framework to work towards.
At PKF Lawler, our experienced business succession advisers work with our clients through every step to ensure that the business and its owners are given the level of support and guidance that is required.
It is important that individual and business requirements are discussed and carefully considered within each personalised plan. We understand that "letting go of the reigns" is very difficult for family business owners who have been actively involved for many years. Our approach helps to make this process as smooth as possible, with a focus on the future success of the business.
Our team can assist in the implementation of appropriate governance, risk management and reporting systems that are designed to give business owners knowledge and security as they transition to a less "hands on" role. We can also assist with the recruitment and selection of key personnel and act as a "sounding board" to management if required.
If family business owners don't consider a strategic approach to their succession, any value they have created may well retire with them.
Five must do's for any family business thinking about succession planning:
1. Plan Early - allow yourself time
2. Manage the family - communicate
3. Look at the family realistically for skill and desire
4. Management handover process - formalise expectations
5. The business sale - involve your advisers
For further information about business succession planning, contact Director Nick Falzon.