Around 1.4 million business owners in Australia will retire by 2036 – and 33% have no succession plan.

That’s according to PwC’s 12th Family Business Survey, which also found that succession plans may stall due to specialised skill gaps, a need to balance family legacy with innovation and resistance from the senior generation to transition leadership, which was cited by 37% of respondents as the most significant challenge.

Succession plans need to consider which child or children to appoint as a successor, and how to fairly take care of others who may not wish to be part of the family business. An alternative option might be the sale of a business, with proceeds divided between heirs.

Conversations may feel awkward, but delaying succession planning can have major consequences, from court disputes to relationship breakdowns, and generational wealth lost to legal fees.

With comprehensive estate planning, however, you can clarify your succession plan and coordinate financial and legal strategies to protect your beneficiaries and minimise disputes.

At Newealth, we provide comprehensive financial planning, including expert estate planning, tax planning and inheritance planning. For a confidential discussion, please contact us.

General Advice Warning:

The information in this blog is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate for you and seek professional advice before making any financial decisions.
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