Recently we kicked off our dynamic three-part webinar series on one of the hottest topics advisers face today – family business succession and specifically, ‘keeping it in the family’.
Our presenter, Craig West is a renowned strategic adviser with over 20 years’ experience in working with business owners to prepare them for the steps necessary to successfully navigate an exit. If you missed this easy-to-follow webinar on how to work with your clients to identify, protect and maximise their family business succession plans, you can access the link here.
Mentor, author and expert in the legislative and emotional requirements both sides need to draw upon, Craig set the scene with the unique challenges and issues many business owners in Australia face today.
Aligning the business itself, with the financial aspects and personal goals of the business owner are needed to get the balance right.
Craig started out by reminding the audience it’s crucial to ‘begin with the end in mind’ since an exit strategy is the key to unlocking maximum value for business owners.
Family-owned businesses account for 67% of businesses worldwide and a whopping 70-90% of global GDP so there’s a lot at stake and it’s important to give the right advice. Especially as the environment in which these businesses operate becomes increasingly complex. Even the definition of ‘family’ which was once based strictly on blood lines must consider a wider variety of relationships including the blended and modern family.
For many business owners making sure the business remains viable, maintaining a harmonious family environment and making sure there are jobs for employees and family for the future are even more important than protecting the value of their primary asset.
Craig highlights the opportunity to provide family businesses with professional advice in the area of succession planning. The scope of work could move beyond accounting for taxation and CGT to include asset transfer, financial planning, SMSF and wealth management.
Don’t miss our next two webinars on Advising Family Businesses – to learn more about the next steps in succession planning and expanding the services your practice can offer to clients:
Save 15% on the series when you purchase all three webinars in a single transaction. Simply use the promo code AFB15 at the checkout before 1 June 2017. Earn one CPD point per webinar.