Business Succession Planning
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.
Coleman Greig has been working in partnership with Family Business Australia (FBA) for many years and is a NSW State Silver Sponsor.
We can help you with:
- 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
- Role of Board members and Directors
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For further information contact our Business Succession Planning team.
Business Succession Planning - Our Clients
Over the years, Coleman Greig has developed specific expertise in the field of business succession planning and helping businesses prepare for the future. We have provided specific advice and assistance to family businesses drawn from a wide range of industries including transport, manufacturing, construction, property, and the retail sector.
Our clients have ranged in size from family-owned businesses with under twenty employees through to much larger concerns looking to appoint directors or general managers from outside the family.