Succession Planning

When thinking about the future management and ownership of your family business, there are so many important and complex issues to consider, including:

  • Who are the stakeholders in your succession process – your business partner, your life partner, your family, your key staff?
  • In thinking about the future, would you prefer to see a continuation of family ownership and management, or are you open to selling the business, or introducing external management?
  • Are you ready, or close to being ready to start stepping back from the business, from both a financial and psychological perspective?
  • Is it your intention to sell or gift your shares in the business, and what are the financial, taxation and estate planning implications?
  • Are your proposed successors ready, willing and capable of assuming the responsibility of managing and/or owning the business?
  • How will the new managers and owners communicate and make decisions, and how will your ongoing skills and experience be retained?

SproutAg provides a comprehensive succession planning process designed to help family businesses, of all shapes and sizes, navigate this challenging journey. This process typically involves:

  • Undertaking an initial discovery exercise to understand the business and family background and dynamics.
  • Interviewing all stakeholders to ascertain their views, needs and aspirations in relation to the future management and ownership of the business.
  • Evaluating the pros, cons and implications of your various succession options.
  • Developing a detailed written succession plan and associated communication and decision making landscape.
  • Facilitating the long-term implementation of the agreed succession plan, over a defined timetable, in collaboration with experienced financial and legal advisers.