As the majority of baby boomers retire over the next five to 10 years, succession planning will be vital for the long-term survival of many businesses. Australia is about to see a huge transfer of wealth from the baby boomer generation, yet many businesses, particularly family-owned businesses, struggle to ensure a smooth transition of business management and ownership. Myriad studies show that fewer than 30 per cent of private businesses have an achievable succession plan in place. Most business owners do nothing or they choose to focus on one area in the succession planning process such as tax, while ignoring many of the other key issues that need to be dealt with. For companies that are family owned, the ramifications may be even more sweeping. The personal issues they face, compounding other day-to-day business concerns, range from planning for income taxes to maintaining interpersonal relationships with family members. Succession planning is more complex now as many different business, financial and personal issues come into play. A good succession plan will look at a range of issues such as people and talent, family dynamics, corporate structure, estate planning, insurance and share transfer to name just a few. The Art of Business Succession Planning is for anyone in business who wants to have a change, retire or simply sell their business. It is designed to guide business owners through a comprehensive and strategic approach to the business succession process. The opportunities and benefits are great when succession planning is undertaken in a disciplined way.
Autorentext
Craig Holland is a partner at professional services firm Deloitte. He has almost 20 years experience in servicing the tax needs of high net worth individuals, families, private businesses and small cap listed companies. Craig is a regular presenter at seminars on tax matters and has published numerous articles. He also provides media commentary around tax issues and is often quoted in the Australian media as an authority on family and private business tax issues.
Prior to joining Deloitte, Craig was an auditor for the Australian Taxation Office's Large and Small Income Groups where he served for seven years. Deloitte is one of Australia's leading professional services firms and provides audit, tax, consulting, and financial advisory services through over 4000 people across the country. Globally, Deloitte are part of a $20 billion dollar global network of associated firms operating in nearly 150 countries with over 140,000 people.
Inhalt
Foreword vii
About the authors ix
About Deloitte x
Introduction xi
1: The art is in the planning 1
2: The role of the adviser 17
3: Getting the business into shape 27
4: People and management issues 51
5: Family issues 73
6: Personal wealth management 85
7: Transfer of ownership and fi nancing options 103
8: Business tax issues in succession planning 125
9: Contingency planning: business and personal 137
Conclusion 145
Glossary 149
Appendix A: sample strategic business plan 153
Appendix B: further references 159
Index 165