Succession and Options
If there was one topic that gets more coverage than any other regarding family businesses it would be succession, and yet it remains a mystery and challenge to so many. Our research shows that only 4% of family businesses have full, communicated and detailed succession plans.
So many of us are focused on the challenges and demands that we encounter each and every day at work and at home. In essence we’re all trying to survive and so the thought of trying to plan for an unknown future, which will be littered with decisions and options along the way, can be so overwhelming that we don’t bother. We convince ourselves ‘we’ll think about that tomorrow’.
Think about tomorrow today.
We understand that it can be difficult to know where to begin. But if you think about succession as ‘future-proofing’ the business, skills, market, wealth, brand, reputation and success, it makes sense that you incorporate it into every day as a matter of course.
By involving everyone in this approach it will allow the more specific areas of tax planning and leadership to be tackled in a more manageable way. Gaining awareness, knowledge and understanding of choices puts things safely in your hands rather than risking a reactive and unknown situation.
SUCCESSION AND THE ‘WHAT NEXT?’ QUESTION CAN ALSO THROW UP DEEPER ISSUES AROUND LEGACY, PURPOSE AND EVEN MORTALITY.
