At Boutique Advisers, we understand the importance of working with multiple professional advisers with our clients to get the best possible outcomes for them. The specialties of advice on tax, structures, wealth, finance, law and estate makes it quite impossible for one professional adviser to be good at all, so building that team around the client is critical. This is even more relevant when planning and executing a well-designed family business and succession plan.
We recently caught up with a fellow family business adviser, Iain Massey from Upland Consulting to talk through some of these considerations on getting the best outcome for clients. Iain was generous enough to share with us his pocket guide and allowed us to share some of the pitfalls and dilemmas that family businesses can find themselves in.
The 3 pitfalls from Upland Consulting’s Pocket Guide include:
- Don’t assume a family member will take over the business. This may not be the best outcome for the business and/or the family and like always, communication is key.
- Not planning early enough and assuming that “we will cross that bridge” when we come to it is the easy option, but probably not the smartest option.
- And finally, not seeking professional help. Having someone help you through and navigate the complexity and the emotional aspect can save relationships and the business!
Iain also talks about the 4 dilemmas that families face when having these succession discussions.
How do we:
- honour the legacy of the founding generation without being trapped in their business model as the world changes?
- make provisions for everyone, old and young without crippling the business?
- get the right people in the right roles and manage that conflict?
- Give the older generation the confidence that they can handover without losing their retirement nest-egg?
It is always worthwhile having discussions early and having various input from your professional advisers. Contact Boutique Advisers for an obligation free chat.