Succession Planning in Family Business is an issue of growing importance. You’ve worked hard to build your business, are the driving force and inspiration behind its success, and want it to continue when you leave, whether in the hands of a family member or a new owner.
Succession Planning
Without a realistic and achievable succession plan, the future of your business might be threatened.
With family businesses, succession planning can be especially complicated because of the relationships and emotions involved – and because most people are not that comfortable discussing topics such as ageing, death and their financial affairs.
Our team work with you to build a succession plan which ensures a smooth transition between you and the future owners of the business.
Our business succession planning has the following objectives:
- To clarify business goals;
- To plan for the long term health of the business;
- To provide financial security for the various parties involved in the business;
- To ensure a smooth transition following the retirement, incapacity or death of a key person; and
- To achieve the long term viability of the business.
How we help?
SBM advisers understand the unique needs and ambitions of family business and assist you to develop a sound practical business succession plan.
Working with the current owners and other family members, we focus on the key ingredients of an effective business succession plan:
- The current owners’ personal needs and objectives
- Family needs and expectations
- Ownership of the business going forward
- The family’s ongoing role in the management of the business
- Day-to-day management of the business
- Realistic valuation of the business
- Minimising taxes on transition of the business
Our succession planning services have helped family businesses ensure the long term viability of their business with detailed succession plans and we would love to help you.