SUCCESSION PLANNING FOR FAMILIES AND FAMILY BUSINESSES
Transitioning family businesses from one generation to another is more than just dividing up the wealth between individuals. The aspirations and needs of each generation are often very different and it is important to ensure the wealth transfer process is managed in a way that best meets the needs of the entire family and preserves its wealth for present and future generations.
It is vital to establish structures (such as a family office), governance systems, structures and strategies to ensure your family – and its business – keeps growing and prospering across the generations.
Marin Accountants work closely with many to provide a wide range of advice and accounting services to high net worth families, individual family members, family councils and managers of family business.
BUSINESS ADVISORY
We help family businesses protect and grow their wealth by providing advice on:
- asset preservation and protection
- establishment and ongoing support for family offices
- creation, administration and review of asset holding structures
- family business transition (including partial or full exits)
- inter generational wealth and planned succession.
FAMILY OFFICES
We help establish family office structures for families and unlisted family companies with assets ranging from $5m to $1.5b.
Our services include:
- reviewing existing family arrangements and advising on how best to improve them
- developing structures that satisfy the requirements of the family and cater for individuals’ needs and interests
- ensuring structures support the family investments, success business activities, philanthropic interests and other activities
- ensuring business structures allow for accountability.
- We understand a transparent family governance structure is important to maintain intergenerational wealth and ensuring a successful transfer of family assets.
BUSINESS AND ASSET STRUCTURES
We provide advice and services on setting up and running the best structures for your family’s ownership and operation of its business and other assets.
Our services include:
- ensuring all assets are protected from excessive taxation, regulation and other external influences
- reviewing existing structures to allow for tax effective changes in ownership in respect of intergenerational wealth transfers.
Succession Planning Protocols
MANAGING CHANGE AND TRANSITION
Family businesses are often complex, sizable and with large, diverse assets. It is essential that these organisations – and the families they support – have effective structures to support its wealth and business and clearly defined succession planning protocols. We can help by:
- assisting in the development of a carefully planned and managed transition process for your business and its family members, whatever the situation.
- providing support and services to manage out-dated family structures, changes in family dynamics and blended families, incapacitated family members and changes in family business governance and management.
More and more families are realising that their business needs a clear succession plan and the structures to support it. Both the plan and the structures need to allow for asset transfer across generations, and clear succession in family leadership.
Marin Accountants has extensive experience in advising family businesses on succession planning, to take into account the following issues:
- ensuring that all wills, statements of wishes and powers of attorney are in line with the family’s overarching succession protocols
- reviewing beneficiary designations
- ensuring the correct asset protection and investment structures are in place to protect and grow the family’s wealth
- ensuring the necessary documentation is in place in respect of trust deeds, shareholder agreements, insurance arrangements and other structures needed for death or disablement situations.
FACILITATING DISCUSSION AND AGREEMENT
Family business transition can often involve complex emotional issues and conflict within the family. We act as facilitators and mentors in these environments, to help you and your family develop the appropriate way forward for the family, its business and its wealth. In these situations, we frequently:
- facilitate open and honest conversations with all family members to identify and resolve potential issues and disputes with the active participation of all affected parties
- help family members resolve disputes in relation to wills and its wealth.
- work with family members to make provision for philanthropic and charitable activities, and compliance with the appropriate regulatory authorities
- ensure solutions to disputes are tax effective, minimise cost and disruption to the business and the family and provide workable, pragmatic answers for individuals and families in these situations.
No matter how complex your family structure or business size, Marin Accountants experienced advisors can guide you to ensure the best outcomes for you and your family and ensure a smooth succession or transition process. Contact us today in Melbourne so we can talk about your situation and start planning.
