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Business 2 Business column: start planning for succession in the family business

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Succession planning is vital for all business owners. But that’s particularly so for family business owners.

Here are a few quick tips to consider when starting your succession planning.

• Commence succession planning early in the life of the business.

• Always keep your financial data up to date so that information is easily accessed and ready for any new plan.

• Understand the overall strategic plan of the business.

• Determine the key roles needed for the future and who will “fit” with your business going forward.

• Select a successor as early as possible in the succession planning process and then appropriately train, develop and introduce them to other key businesspeople.

• Determine the importance of family involvement in the leadership and ownership of the business.

• In addition to the successor, organise a backup of talented people who can evolve through training and involvement in the business.

• Set retirement dates for owners or founders.

• Communicate your succession plan.

• Consider all of the financial and tax implications of your succession plan.

Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, Level 2/2 Innovation Parkway, Birtinya, 5301 9957, srjww.com.au

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.

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