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How to be fair when transitioning to the kids [cartoon]

WRITTEN BYJames Price | JPAbusiness

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Business owners face unique challenges when they have multiple children and those children have their own expectations as to how the family business should transfer to the next generation.

Engaging a business advisor early on can assist to ensure each party feels that the way a business is transferred to the next generation is fair and reasonable for all.

This process is best started well before parents are looking to retire or children are heavily involved in the business.

Several children + partners + individual perceptions/circumstances

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1 big challenge to make it fair

Expectations need to be managed and established before individuals can make their own conflicting assumptions about the future of the business.

If you need support or advice regarding family business succession, contact the business advisory team at JPAbusiness for a confidential, obligation-free discussion.

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JAMES PRICE | JPAbusinessJames Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.