A family business can be an incredible source of pride. It’s legendary when you think about farms and agricultural businesses that have been in the hands of one family over generations.
If a family business, whatever the industry they are in, wants to leave a legacy for their offspring, they will need to know how to develop a succession plan that works for them.
The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new online guide to succession planning — the “Introductory Guide to Family Business Succession Planning” — which provides a step-by-step guide to passing the family business on to the next generation.
A recent report revealing that 54% of family businesses have no documented succession plan in place and no retirement plan for the current CEO.
The easy-to-read guide offers tips on how to handle tense conversations that can arise between family members throughout the transition phase.
The guide is free and available on both the Family Business Australia and the ASBFEO’s websites.
If you need any support with your succession planning give us a call at 3399 8844. We will be happy to help you with a FREE Business Health Check.
Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.