Like any other business, a family-owned business needs to have a financial plan in place that caters to the needs of the business and its staff.
In addition, ownership and management of family-owned businesses passes from one generation to the next, which presents the unique challenge of succession planning.
It is fact that only 14% of family businesses remain in the family beyond the third generation as a direct result of a lack of succession planning.
Without succession planning the business interests will impact on the conclusion of the deceased estate as well as on business operations.
By consulting with Old Mutual business adviser around the succession planning process, you will ensure that successor/s are identified and are prepared to take over the family business.
This planning stage also ensures that the out-going business owner's retirement income needs are considered so that they are not dependent on the business during their retirement years.
Contact one of our regional branches today and a trained consultant will contact you around your succession planning requirements.