How do I pass on the family business to the next generation?
For many owners of family businesses, their business represents both a financial and an emotional investment.
Succession planning to effect the transfer of a business from one generation to the next is invariably a difficult process, involving decisions that often require the resolution of complex family inter-relationships, accurate business forecasting, financial compromises, contingent strategies, and the ability of the senior generation to ‘let go’.
Developing a documented succession plan is cathartic at the minimum and at its best sets the flexible framework for a smooth transition of business ownership from one generation to the next.
For many successful Baby Boomer business owners now approaching the end of their working lives, the transfer of the family business to the next generation represents the culmination of their career.
It is very easy to mismanage this process; leading to intergenerational rivalries, jealousy, and potentially protracted legal disputes between different family members.
Banksia Partners in conjunction with your accountant or our network of professional accounting and legal associates can guide participants through the nuances of the necessary Family Succession agreements, tax strategies, funding, insurance, and other wealth management implications associated with intergenerational business transfers.