Succession planning - handing over responsibility to a new generation - can be challenging for any business, regardless of how established it is. In Australia, succession issues are particularly evident in family businesses - only 13 per cent of organisations make it through to the third- generation. That’s a worrying statistic for Australian families in business and high wealth families with business interests, particularly if the next generation is about to take control.
How BDO can help
We help families create a workable succession planning framework for their future. We take you through a step-by-step process which makes you think strategically about the next generation in your family organisation and identify ways to balance the needs of your family with your wealth management and business needs.
Our succession planning specialists can help you:
- Identify succession goals
- Determine appropriate short- and long-term management approaches (family vs external manager)
- Consider any exit options
- Identify potential succession risks and develop plans to address them.
Succession planning should always start with a conversation. An experienced BDO Family Enterprise specialist will work with you to formulate clear steps that fit your vision and ensure a stronger future for your family.
Successfully passing control to the next generation is the goal of most family businesses and high wealth families. To safeguard and future-proof the success you’ve worked so hard for, talk to a BDO Family Enterprise adviser find out how you can protect your family's legacy.