Running a family business can be very rewarding and yet one of the most challenging experiences you can have.
Understanding and making a decision of when to sell can often be one of the toughest decisions a family has to make.
However, when faced with the challenges of intergenerational change and lack of viable alternatives many family businesses fail to put in an effective plan to maximise the value of their blood sweat and tears.
One of the issues that we often see, is that many families do not put a value on their business when looking at their family’s value. This is in spite of the fact that the business may be one of the most valuable assets owned by it.
Consequently, putting in place an effective succession plan and making informed decisions about when or if a sale is required should be paramount in the strategic planning of the business.
We have assisted a number of family businesses over the past year in relation to creating an effective succession plan. Whether that be through a buy-out by key stakeholders, a sale to an outside purchaser or re-structuring in order to provide a smooth transfer to the next generation while satisfying the interests of family members outside of the business.
When effected properly these plans will ensure a transfer of the maximum value of the business assets and a smooth transition to the new owners whether they be from within or outside the family.
Please contact us should you require assistance in developing the strategic plans.