Looking ahead to the future
Business leaders tell us that the biggest benefit of being part of their family business is the flexibility, however this can also create questions and issues. When a business starts, its focus is on getting revenue up and running – and just doing what is necessary, day in and day out. Little thought is given to the future and building structures that can support a growing and successful business.
ONCE AGAIN, THERE ARE AN OVERWHELMING NUMBER OF OPTIONS WHEN CONSIDERING REMUNERATING FAMILY, ESPECIALLY AS THE BUSINESS, SHAREHOLDING AND FAMILY GROWS AND BECOMES MORE DIVERSE.
Remuneration that fits with business and individual needs
The earlier you can build robust communications, plans and systems for expenses, dividends and paying family members that contribute to running the business, the better. These areas, when left, can very quickly create a hotbed of tension and misunderstandings. Assumptions and expectations build and become tangled, especially when understanding and agendas are not aligned amongst everyone.
In addition to this, there are a number of ways to efficiently and effectively plan when you have the right information and awareness of what’s possible and what people are looking for.
Has the business considered the remuneration objectives of family members?
Have family members considered the advantages of starting a pension for young children?