Archive for June, 2011
Succession Planning Passing on the Family Business
As experienced business and taxation advisors we see firsthand the practical difficulties in successfully transferring the family business to the next generation. Much of it comes from lack of communication and planning. Research shows that only 25% of family businesses successfully pass onto the next generations. However, if succession is looked on as an opportunity for capitalising on the goodwill the business founder has built up over the years things can work out very nicely if the correct steps are taken.
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