A common problem facing many successful family owned businesses of all sizes is how to plan for the transfer of the business to the next generation. Several recent high profile cases that have received media attention highlight the many issues that need to be considered and the practical difficulty in achieving the objective of a smooth transition. In many cases business succession planning is considered too hard and therefore, it is given a very low priority by clients.
This presentation covers:
- how you can assist your client with the development of a workable business succession plan
- what options are available to the client
- identify the business structure and implementing a restructure if necessary
- using the CGT concessions to restructure the business in preparation for succession
- practical issues with businesses conducted via family discretionary trusts
- what can we learn from the mistakes of others
- blended families and related problems with business succession.