Posts tagged "family business succession planning"

As the world tracks one of the highest-profile corporate successions in living memory, here are some tips for smaller Australian businesses contemplating their own family member handovers, drawn from the SmartCompany archives.

Succession planning, when done right, doesn't have to be a collision of money, power and family dynamics.

Succession planning is a way to help younger generations take control, often more gradually. These families set up, acquire and manage family businesses in parallel over a long period of time. This provides a training ground for younger generations.

Family enterprises can access to a succession planning guide to help them plan for passing their businesses on to the next generation.

The average age of a mid-size company owner in Australia is 57–75 years old, and yet over 75% of them don’t have a succession plan.

Family businesses often naturally possess the all-important ingredients for long-term success: trust, a unified vision, commitment and stability.

South Australian family merino wool business AJ and PA McBride is still riding high on the sheep’s back after 100 tumultuous years.

Not having a clear plan for the future affects all areas of a business; one of the best ways to address this is to develop a family constitution.

Here are the top three questions family businesses ask (with answers), gathered from 20 years working closely with many family groups.

For many baby boomers, retiring will involve selling their businesses. But many Australian entrepreneurs aren't preparing for this inevitability.

Family businesses across the world are advancing women, including non-family members, further and faster than their counterparts.

In the 2018 KPMG Enterprise and Family Business Australia survey, 60 percent of respondents said they plan on passing the leadership of thei…