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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. 

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

For more information, or to make an appointment at one of our offices, please select from the below.

Business Succession Planning - Our Clients

Publications

Business Succession Planning - Useful Links