Family Succession Planning
No one goes into business without the hope or expectation that the business or farm will last through the generations. Succession planning encompasses much more than making sure there is enough money in the bank and simply handing over the farm or business. It involves family, and family connections are what creates emotional conversations. Discussions need to involve all generations, including those who are and aren't involved with the day-to-day workings.
Have you thought about the process for transitioning your family business or farm to the next generation? Are you wanting to increase your leisure time? pass on a legacy? ensure continuance of a successful business?
Creating a succession plan ensures you can do all of this through a smooth process of developing the best people to succeed you, whilst taking into consideration any key issues and risks that may be encountered during the transition. Have you considered what will happen in the event of a death, divorce, disagreement or disability?
Starting the conversation early is key to successful planning. Reaching a shared vision can be difficult if there is there is conflict around goals, values and family expectations. Each family member needs to have the opportunity to have their say about their own personal goals, as well as those for the business or farm.
With the knowledge that every business or farming business is different, just like every family is different, Symes Accountants provides a 5-Step Succession Plan Process which works with every family circumstance.
Download our Family Business or Family Farming Succession Planning brochures below for more information.
Contact our team today to chat about your circumstances and arrange your first Succession Planning meeting.
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