Who Gets the Business?

Posted on 12/11/2012 by Sinclair Wilson in Succession Planning

This rather simple question has long dominated discussions and thinking among families, clouding career planning and risking intra-family relationships. On occasions, this issue has culminated in litigation and, ironically, the ultimate sale of the family business or portions of it. So much for such harsh realities.

Sinclair Wilson accountants’ focus for many years has been to concentrate on the alternatives and opportunities available as part of the process relevant to such deliberations as to who gets the business. “By starting to plan at an earlier stage, and provided the family are able and motivated to generate cash flow and assume some reasonable level of business risk, then the issue need not be detrimental to the business operation,” suggests Basil Brock, one of the senior partners of Sinclair Wilson, who specialises in the area.

“New superannuation rules, Capital Gains Tax concessions and the utilisation of trusts enable the early but measured passing of some operational control between generations. There can be a much more favourable and fair outcome for all, bearing in mind that equity does not always means equality”.

“We can’t always solve the matter in everyone’s eyes, but if you see the issue emerging in your family, then I would encourage you to seek expert professional assistance sooner rather than later so as to improve the outcome as much as possible.”

Specialist succession planning partners are active across the region and are available to meet with you. They are backed by the extensive resources of Sinclair Wilson and are ready and able to help in this area.

Please contact us.