Source: Family Business Australia
Many family business owners hope to pass on their business to the next generation. Family business succession maintains the strong connection between the two most important things in a family business owner’s life; their business and their family. Succession can also be the perfect way to cap off the business owner’s personal business journey.
Together with the Australian Small Business and Family Enterprise Ombudsman’s office, Family Business Australia created An Introductory Guide to Family Business Succession Planning that provides a step-by-step guide to passing the family business on to the next generation.
This introductory guide draws on our experiences to help you understand the process of family business succession and what you need to consider to maximise your chance of success. There will be challenges along the way. But with the right approach, supported by quality information and advice, you can succeed and achieve rewarding outcomes for everyone involved.