Running a successful business certainly has its challenges. Running a successful family has even more challenges and brings a different set of issues and complexity which extend further than the operations of the business.
Bramelle Partners, being family business ourselves, we understand the issues which confront family business as we live and breath these experiences ourselves on a daily basis. What we do know is that a cookie cutter approach does not work when it comes to advising family business as each family group has different relationships and dynamics. This requires a tailored strategy with an ongoing review because relationships change over time and so to must the strategy.
One of the major areas which needs to be worked through, especially as parents are closing in on retirement, is succession planning. Usually the family business is one of, if not the most significant asset in a family estate and questions arise how to distribute the family assets equitably especially where the family business will be passed onto some or all of the children.
We have listed below some typical questions which parents ask themselves:
- Who will be in charge of the business when I leave?
- What roles will the other children be involved in the business?
- How do I protect the children who may be vulnerable from more dominant children?
- How do I treat the children who will not be involved in the business fairly?
- How do I treat the property which the business is run from?
- How do I ensure my spouse is continued to be looked after from running the business?
- How do I communicate this with the whole family in a reasonable manner?
It is only after your succession planning issues have been resolved that your estate planning can be finalised properly and equitably.
Contact us to get more details about our family office offerings.