Succession Planning may be one of the most challenging experiences facing any Family Business owner, so it is crucial to get it right. For a Family-owned business, a solid succession plan can drive the growth of the business, manage taxes and set the stage for retirement. Succession Planning is a multidisciplinary process. When engaging in Succession Planning, it is not just about focusing on the future, because it is impossible to plan for the future without a deep understanding of the present.
Financial and tax advisors will walk alongside, combining their expertise to help the Family Business owners and other stakeholders understand where their value lies, what their needs are, help prepare for new leadership and new structures that can provide continuity and growth and provide optimum tax solutions to render the transition to the next generation as efficient as possible.
Contributed by Anthony Pace, Partner, KPMG