When should I start Succession Planning for my family business?
As the owner of a wills and estates law firm, I am commonly asked when should I start the succession planning for my family business or rural enterprise.
The answer is, NOW.
Particularly for family and rural businesses, having a clear, considered, robust but flexible succession plan for your business will ensure it will endure for generations to come. Business owners often leave succession planning until it’s too late, and normally because of an unexpected health event, there is no plan in place, the business will have no clear leadership and you increase the chances of an expensive and protected business / estate dispute.
To ensure all relevant parties are on the same page to ensure the smooth transition of the business from one generation to the next, we ensure all the family members and controls of the business are part of the process.
By Queensland Family Business Accredited Advisor:
Christopher O'Connor
O'Connor Ruddy & Garrett Solicitors
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Brisbane Wills and Estate Lawyers Experienced Will and Estate Lawyers in Brisbane specialise |
