From managing the business to the business of managing the family
While planning strategically in family business often comes naturally, for a family’s legacy to succeed over the longer term it is important to apply the same level of strategic focus and rigour to planning for the family and the family’s wealth.
Achieving this requires family members to have a shared sense of purpose and vision for the future. We encourage families to embark on the journey by communicating openly, building trust, balancing the needs of the business whilst satisfying family members’ expectations.
Start planning and preparation early
Family enterprise succession requires planning and preparation ahead of generational transition and challenges. Family enterprise succession is the process of transiting the management, ownership and governance of the business to the next generation. They might be separate, or overlap to some degree.
At first glance, business ownership transition is a simple choice between two options:
- Passing on the family business to the next generation; or
- Selling the business to a third party
Whatever your preference is, it requires preparation on both the business and personal levels. Our family governance and wealth planning teams have considerable experience working with multiple generations of families. We can assist you in planning, execution and subsequent management of your family enterprise transition or business sale.
Every day we work with successful business owners and entrepreneurs from all over the globe. We understand what it feels like to be responsible for a business and a family, how the two are intertwined, and how you need to balance the needs of one with the other.
We recognise that the balance is in constant motion, as your business, your family and the world itself evolves. No matter how alarming change can be, we can help you manage and maintain continuity in times of change.