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Succession is often viewed as ‘who gets what when”. This is but one small part of the succession process. What underpins a successful succession plan is business viability therefore another important aspect of succession planning is transition of management. If this is not addressed it can seriously undermine any good succession plan. It is about the phenomenon of letting go and the evolution of roles within a business over time.
Therefore succession planning is a process. The purpose of this process is to provide all family members with a common understanding and knowledge about succession planning. It enables each family member to appreciate the different elements and dynamics which need to be addressed and managed in a succession planning process. This is a great opportunity for us to work with your family face to face sharing our real life experiences and knowledge. It is also an opportunity to allow everyone in the family to get on the same page and so as together as a family unit you can be the drivers of your succession planning process in a constructive and positive way.
Who usually needs to do a succession plan?
The process of preparing an Succession Plan at Auswild & Broad Pty Ltd involves:
We prepare an Engagement Letter detailing the work to be done with an estimated fee structure. With this letter you will receive some basic information about Succession Planning, along with a set of questionnaires for you and your family to complete.
We meet with you and your family to discuss your needs and complete a fact finding exercise where we compile a Family Tree, a Business Structure Flowchart and a Statement of Financial Position. We also review and discuss the answers to your family questionnaires.
We identify any issues that may arise including review of business viability, retirement planning for the current owners, risk management strategies, changing roles for each family member, housing, salaries and a review of business structure. From here we make a recommendation or identify a series of options for your consideration.
We meet with you again to go over our recommendations and prepare an Action Plan. In most cases we will liase with your solicitor, banker, financial planner and any other advisers to ensure that your plans are compatible across these disciplines.
You receive a complete package containing a summary of your Succession Plan, detailed notes and comments from advisers along with all the reports prepared earlier.
A review /evaluation set at 3, 6 or 12 months after the plan starts to measure progress, discuss issues and revise plans if necessary.
If you would like more information please phone or send us a message below.