As family business owners start to plan their retirement and how they will exit their business, it is critical that the business puts in place a well considered & structured Succession Plan that will help to enhance the value of the business.
An effective Succession Plan considers a range of matters such as:
- Options relating to the transfer of management
- Options relating to the transfer of ownership
- The degree to which the next generation will be involved in the business
- Overall transition plans & timeframes to ensure minimal disruption to the business.
- Wealth preservation to ensure the continuity of the business.
Where it is likely that a business will remain family owned, we can help you develop a Family Business Constitution to outline how the business is to be managed, the process for family members wishing to enter & exit the business, how equity can be transferred and guidelines for issue resolution.