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The issue of effective succession planning for a family business is critical to its ongoing success. In fact, research shows that more than 65% of family businesses fail in the hands of the second generation, and another 20% fail when the business passes to the third generation. Other research has looked at the causes for these failures and has identified a number of common factors. Given the number of family businesses in Australia, this failure rate is serious and it is important that families address the issues within their family companies.
The team at Coleman & Greig has significant expertise in this field, having assisted many family-owned businesses to successfully move forward and achieve great results following a change in ownership or leadership. At Coleman & Greig, we can assist your business with:
- Facilitating a formal process for identifying and resolving family conflicts
- Identifying potential stakeholder issues and family dynamics
- Developing a transition plan
- Preliminary due diligence
- Identifying and managing risks to your business
- Business structuring
- Shareholder Agreements
- Contract drafting and negotiation
- Preparing a Family Charter
- Drafting Wills and Powers of Attorney
- Corporate Governance advice
- Role of Board members and Directors
Coleman & Greig has worked in partnership with Family Business Australia, (link) an organisation dedicated to representing the needs of small-medium sized family-owned businesses in Australia, for a long period of time and has developed a strong understanding of the relevant issues for family businesses. Coleman & Greig works with FBA on a continuing basis to provide expert legal advice for members and their organisations and C&G Principal Paul Lucas is an accredited professional advisor to the association.
For more information contact:
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