Family businesses operate through many different legal structures. Examples include:
Business succession planning has become a very "hot topic" given the ageing population of business owners. It is all too often a last-minute consideration, but planning for succession involves many issues and should be done well before an owner exits the business.
Family Business Succession Guide, 2nd Edition, written by Sue Prestney, Partner at PwC Private Clients, and published by Thomson Reuters, provides a practical approach to family business succession planning. Owning and operating a family business can be greatly rewarding but involves complexities that result from the interaction of family and business. It is important that families get the right advice when dealing with the issues involved in passing on their life's work. Poorly handled succession can damage both the business and the harmony of the family.
This book takes the reader through a succession planning process using the family business constitutions to address the typical issues involved in succession and the interactions of family and business.
Containing many practical examples, diagrams and case studies direct from the author's first-hand experiences, this guide outlines the practical process to be following under a succession planning assignment. The book also helpfully includes planning checklists that can be used as templates by advisors and SMEs themselves to ensure they get off to a good start on succession planning.
Further information, including details of how to obtain your copy, is available on the Thomson Reuters website. It is too important not to be planned well in advance.