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?