Managing the challenges of a family business webinar

Have you ever wondered what you should know before taking over the family business?

The experts at Family Business Central, in partnership with Whanganui & Partners, participated in a webinar outlining the need to listen to each family member’s expectations and set fair outcomes when planning for succession.

Watch the webinar on Facebook

Whether handing on or taking over the family business, there are certain steps that need to be taken to ensure fairness for all and relieve other family members of unwanted surprises.

Family businesses, and particularly the business end of businesses, tend to be left to lawyers and accountants. However, much can be done at the personal and family level to ensure readiness for any business succession conversation.

Colleen Sheldon, Whanganui & Partners Strategic Lead – Agribusiness, says the best time to start thinking about succession is now.

“The last thing families want, when a loved one has departed, is to be torn apart by unwritten contracts and silent promises.”

In the webinar, Family Business Central facilitators Phil Pryor and Bob Selden give examples of family woes when clear outcomes haven’t been written down, as well as the way in which the different generations can best work out expectations.

Bob Seldon says, “It is up to each family to work on keeping the family intact, keeping the personal out of the professional side of the business. The will help the family make good choices.”

Read the Ground rules for a family meeting

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