Business Advisory Services
Overcoming Critical Challenges with Personal and Business Accountants in Victoria
Succession planning is one of the toughest and most critical challenges a family-owned or closely-held business has to face. Because of the intricacies and delicate nature of the subject, most business owners often delay, if not choose to forego discussion of this topic. What they do not realize is that it is an important aspect of securing a business. And while it is never easy talking about someone’s death, succession planning is essential to ensure that the founder’s mission, vision, and values are embodied by the company even long after he is gone. It could also be an excellent venue discuss not only ownership succession but also multi-generational management and leadership.
A large number of family businesses believe that it’s a customary measure for immediate families to assume business control. However, statistics proves that such is not the case. Studies show that due to a lack of succession planning, only around 30% of family businesses survive into the second generation, around 12% make it to the third generation, and approximately 3% scramble to extend viability into the fourth generation and beyond. Such goes to show that the gap between the optimistic belief of family succession and the reality of failure to survive through the generations is growing immensely. As a result, companies fall prey to estate taxes or worse, heirs fight among themselves, which make the business environment unpalatable to everyone concerned.
To properly position companies for an eventual change in management or a probable sale, BuildGrowth’s personal and corporate accountants offer comprehensive succession & business planning services that are guaranteed to reduce risks while continuing to generate stock interest. We will discuss with you issues that include measures to restructure your business, tax consequences, choice of entity, retirement income projections, among others in the event of the owner’s demise. We understand that there are sensitive issues that revolve around the family business situation, so we’ll make things a lot easier for you. We will be there to make the succession process as seamless and stress-free as possible, without you losing sight of your strategic goals.
Our personal and corporate accountants provide:
- Needs and options assessment
- Management skills assessment
- Business valuation
- Financial business review
- Estate review and planning
- Family management succession & business planning review and development
- Owner succession exit strategy transition and implementation of interim strategic activities