New succession planning guide for family businesses

The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new online guide to succession planning.

Many family business owners hope to pass on their business to the next generation.

Family business succession maintains the strong connection between the two most important things in a family business owner’s life; their business and their family. Succession can also be the perfect way to cap off the business owner’s personal business journey.

Given the highest proportion of business owners are aged between 45 and 59 years, there has never been a more important time to initiate a succession plan.

The “Introductory Guide to Family Business Succession Planning” provides a step-by-step guide to passing the family business onto the next generation.

A recent report revealing that 54% of family businesses have no documented succession plan in place and no retirement plan for the current CEO.

The easy-to-read guide offers tips on how to handle tense conversations that can arise between family members throughout the transition phase.

The guide is free and available on the ASBFEO’s website at https://www.asbfeo.gov.au/news/news-articles/new-succession-planning-guide-help-build-family-business-legacy-0. 

Omnis Group are modern, forward-thinking Business Accountants in Perth, providing practical, proactive, real-world advice and support that goes beyond the basic preparation and lodgement of tax returns, to identify opportunities for improvement in your business. Contact us in Subiaco Perth on 08 9380 3555.