The issue of effective succession planning for a family business is critical to its ongoing success.
In fact, research shows that more than 65% of family businesses fail in the hands of the second generation, and another 20% fail when the business passes to the third generation. Other research has looked at the causes for these failures and has identified a number of common factors. Given the number of family businesses in Australia, this failure rate is serious, and it is important that families address the issues within their family companies.
A Business Succession Plan can eliminate conflict and minimise disruption to a business caused by a change in leadership. Its purpose is to “pre-agree” to a strategy that will ensure a smooth transition (into the hands of the most appropriate leader) should a business owner retire, or leave a business unexpectedly.
The team at Coleman Greig has significant expertise in this field, having assisted many family-owned businesses to successfully move forward and achieve great results following a change in ownership or leadership.
We can help you with:
- Role of Board members and Directors
- Facilitating the planning process to engage stakeholders
- Facilitating a formal process for identifying and resolving family conflicts
- Identifying potential stakeholder issues and family dynamics
- Developing a Transition Plan
- Preliminary due diligence
- Identifying and managing risks to the business
- Business structuring
- Shareholder Agreements
- Contracts
- Preparing a Family Charter
- Drafting Wills and Powers of Attorney
- Corporate Governance advice
Coleman Greig are available to service your needs no matter where you are located in NSW. Our network of offices are supported by the latest digital technology, enabling us to work with you in a way that suits you best.
