Family business: handing down to the next generation
Many Australian family businesses have been built on loyalty and longevity. These foundations can enable family businesses to endure hard times and competitive challenges that would rattle other businesses. However, family businesses are often complex, particularly if there are complicated personal relationships and competing ideas or interests.
It’s understandable the outgoing founders want to protect the legacy they have built. It’s also important for successors to make their own mark and achieve their own brand of success.
For these reasons, transitioning the business between family members – whether the business is being handed on to children, siblings, or spouses – can be more challenging than a sale to an unrelated buyer. That’s why the objective guidance of an external advisor can greatly assist.
Every business coach at Tenfold is experienced in working with family businesses. We know how to preserve the value of the business and set it up for the future, with plans for continued success.
How Tenfold Business Coaching can help with the sale and handover of family businesses
- We provide guidance on how to calculate the value of the business;
- We review the current ownership structure and provide support for partnership agreements and buy/sell agreements;
- We help facilitate agreement and accountability for the handover;
- We plan the handover with you, so there is a clear plan for what is to be done, by who and by when;
- If the founding business owners choose to retain a stakeholding in the business, we can help establish an advisory group of family members, and we can help set up reporting mechanisms;
- We coach the new leaders of the business on big picture goals and strategic planning;
- As an unrelated entity, we are objective and unbiased. Our role is to act in the best interests of the business;
- Our advice provides clarity for the commercial aspects of your business, which protects your personal family relationships.
The outcome of a successful transition is a harmonious family and a business that is positioned for future success.
The right advice and planning makes all the difference. Speak with Tenfold today to explore how we can support your family in business.
Call us: 03 9813 8777 . Alternatively, book a call back via the request form below.