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 team at JPAbusiness on 02 6360 0360 or 02 9893 1803 for a confidential, obligation-free discussion.
