It's common for family businesses to believe they don't need the same formalities as other businesses; it's particularly true with issues like vision, goals, and succession planning. But being a family business means it's crucial to document these things because maintaining family relationships is more important than business. So, what do you do?
Kirsten Taylor-Martin is a partner with Grant Thornton Australia, and an Accredited Specialist Advisor member with Family Business Australia. As a specialist family business advisor, she assists family businesses with developing structures and succession plans to ensure they continue to grow for generations to come.
In a webinar with Trudi, Kirsten explains why family businesses need to have a documented constitution or rule book. It’s not a legal document. However, it’s an important tool to guide the family whenever they need to make difficult or emotive decisions.
When this is clear, it’s much easier to work out everything else.
Consider these meetings as an investment in the future success of your family business - statistically, only 12% of family businesses transition to the third generation. If you want a business that survives the test of time, you need a solid framework to ensure its continuing success, and the business constitution will help you.
Working with the family can be challenging. However, it can also be hugely rewarding and lots of fun. At Numeric Eight, we specialise in helping family businesses with their bookkeeping, accounting and financial literacy so they can continue to thrive for generations to come.
To discuss the possibilities, contact us to arrange an obligation-free 30 minute consultation with Trudi.