Regardless of the type of business you own and operate, it pays to plan for its succession to new management, owners or the next generation of family members. Failing to plan adequately may result in substantial taxation and administrative costs, stress or deteriorating family relationships.
The Advisory Partners Succession Planning Team has great experience in ensuring the transference of business control from one party to another proceeds smoothly. Depending upon the circumstances, we may need to seek advice from solicitors who are experienced in this field.
There are many factors to be taken into account when succession planning. Though they may initially seem unrelated, it’s amazing how frequently skills in these areas are required –
- Asset ownership transfers
- Wills and enduring powers of attorney
- Family dispute resolution
- Family wealth evaluation
- Establishment and structure of corporate entities and trusts
- Life insurance and superannuation
- Retirement planning,
- Pension advice
Succession planning within a family owned business can be a particularly delicate matter so demands skilled advisors. Advisory Partners has two such people on the team – Tahlia and Matt. Each comes from a family business background and are accredited Family Business Advisors. For more information about Family Business Advice, see the section with that title. It will further develop your understanding of Succession Planning for family owned businesses.
