{"id":1165,"date":"2018-09-27T12:52:38","date_gmt":"2018-09-27T12:52:38","guid":{"rendered":"https:\/\/greenhatwb.wpengine.com\/nz11\/?post_type=service&#038;p=1165"},"modified":"2024-07-01T17:05:08","modified_gmt":"2024-07-01T05:05:08","slug":"succession-planning","status":"publish","type":"service","link":"https:\/\/williambuck.com\/nz\/services\/business-advisory\/succession-planning\/","title":{"rendered":"Succession Planning"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row gap=&#8221;30&#8243;][vc_column width=&#8221;1\/3&#8243;]<div class='side-subnavigation'><span class='h2'>Services<\/span><ul><li class=\"parent-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/asia-pacific-client-services\/\">Asia Pacific Client Services<\/a><li><li class=\"parent-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/audit-and-assurance\/\">Audit and Assurance<\/a><li><li class=\"parent-page current-item\"><a href=\"https:\/\/williambuck.com\/nz\/services\/business-advisory\/\">Business Advisory<\/a><li><ul class='child-menu'><li class=\"child-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/business-advisory\/accessing-finance-grants\/\">Accessing Finance &#038; Grants<\/a><\/li><li class=\"child-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/business-advisory\/accounting-tax-compliance\/\">Accounting &amp; Tax Compliance<\/a><\/li><li class=\"child-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/business-advisory\/cloud-accounting\/\">Cloud Accounting<\/a><\/li><li class=\"child-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/business-advisory\/private-client-services\/\">Private Client Services<\/a><\/li><li class=\"child-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/business-advisory\/restructures-asset-protection\/\">Restructures and asset protection<\/a><\/li><li class=\"child-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/business-advisory\/strategic-business-advice-planning\/\">Strategic Business Advice &#038; Planning<\/a><\/li><li class=\"child-page current-child-item\">Succession Planning<\/li><li class=\"child-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/business-advisory\/virtual-finance-management\/\">Virtual CFO<\/a><\/li><\/ul><li class=\"parent-page\"><a href=\"https:\/\/williambuck.com\/nz\/services\/tax-services\/\">Tax Services<\/a><li><\/ul><\/div>[\/vc_column][vc_column width=&#8221;2\/3&#8243;][vc_column_text el_class=&#8221;readmore&#8221;]One of the more difficult issues a family business may need to contend with is managing the transition of the business to the next generation.<\/p>\n<p>While it should be a time to celebrate the continuation and previous success of the family business, it can too often result in family disputes and the breakdown of relationships.<\/p>\n<p>Unfortunately succession planning is often low on the priority list of family business owners. Most acknowledge it is important but not urgent and so it often doesn\u2019t get addressed until some major life event, which is too late.<\/p>\n<p>It is easy to understand why because most owners will say they don\u2019t know when or how to start the succession planning process. It\u2019s not a process to be rushed and careful planning is required to ensure a smooth transition.<\/p>\n<p><strong>While it sounds as easy as stepping out of the business and another family member taking over, it needs careful planning and attention to ensure it is a success.<\/strong><\/p>\n<p>Succession planning takes time and can be very emotional for family members both in and outside the business, but avoiding it only leads to larger problems down the track.<\/p>\n<p>Establishing a clear plan as early as possible assists in long-term decision making for the business and lessens the risk of disputes or disappointment.<\/p>\n<p>The succession plan needs to put timings or expectations around when and how you plan to retire and deal with issues such as who is most suited to running the business when you retire, and what that means for other members of the family.<\/p>\n<p>Getting all family members involved in the planning process creates a feeling of inclusion, responsibility and ownership, but can require outside assistance to ensure objectivity and control emotion.<\/p>\n<p>One of the most common reasons for disputes arising is because siblings feel there has been inequality and misunderstanding in the process.<\/p>\n<p>Careful consideration is required to ensure the allocation of assets is fair and equitable. If the business operation is going to be shared, it\u2019s vital that families establish a decision-making hierarchy, well understood roles and responsibilities and there is clear and regular communication. This will address any differences in age, experience and mindset.<\/p>\n<p>Another important consideration is ensuring the succession plan makes financial sense, both for those exiting the business and those continuing.<\/p>\n<p>Can you afford to hand over the business? Can the operation support more than one family, and if not, how will you ensure fairness for multiple siblings?<\/p>\n<p>The structure of the business and financial implications such as who owns assets and the impact of transfer costs also needs close attention.<\/p>\n<p>If you need assistance with your succession planning, contact your local William Buck Business Advisory Partner.<\/p>\n<div class=\"readmore-link\"><\/div>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h2 class=\"section-title\">Down to Business<\/h2>\n<p>[\/vc_column_text][vc_row_inner gap=&#8221;20&#8243;][vc_column_inner el_class=&#8221;resources-col&#8221; width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p><strong>Planning for Succession Success, Part 1<\/strong><\/p>\n<p>[\/vc_column_text][vc_video link=&#8221;https:\/\/www.youtube.com\/watch?v=elh7wKgxY_A&amp;feature=youtu.be&#8221;][\/vc_column_inner][vc_column_inner el_class=&#8221;resources-col&#8221; width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p><strong>Planning for Succession Success, Part 2<\/strong><\/p>\n<p>[\/vc_column_text][vc_video link=&#8221;https:\/\/www.youtube.com\/watch?v=v_iEY1Lkpe4&amp;feature=youtu.be&#8221;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"featured_media":11903,"parent":11671,"menu_order":0,"template":"","business_category":[31,32],"wealth_categories":[58,59],"class_list":["post-1165","service","type-service","status-publish","has-post-thumbnail","hentry","services-business-advisory","business_category-owner-managed-family-businesses","business_category-growing-businesses","wealth_categories-wealth-creators","wealth_categories-pre-retirees"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Family Business Succession Planning - William Buck NZ<\/title>\n<meta name=\"description\" content=\"Plan for the future with William Buck NZ&#039;s succession planning. 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