Guide to succession planning for family business
Succession planning in farming and other family business is a massive issue. A well planned and implemented succession plan can be the icing on the cake of your successful business or farming life. It can also be the foundation for your children or other relatives to carve out their own success.
On the other hand, a poorly planned or poorly executed succession plan can at best, put a dark cloud over your business and your family relationships. At worst it can cost a significant amount of money for you and your children and irreparably damage family relationships. Family relationships can be hard at the best of times where farming or business is involved. Don’t kid your self that it’s all going to be ok without a plan. It won’t be. Succession planning doesn’t just happen. It takes work and commitment.
The Australian Small Business and Family Enterprise Ombudsman in partnership with Family Business Australia have developed An introductory guide to succession planning (click the link to check it out). It’s also available from the Ombudsman site.
The guide has some really good tips top help you start your succession planning journey.
A key recommendation is that it takes 3 – 5 years to plan for and implement business succession.
In our experience, it’s never to late to start the succession planning process. Contact us if you would like to talk about starting your succession planning.