The succession of a family business can be a sensitive issue. The process of giving respect and engaging every generation across the family is normally a process that takes time to develop and create.
This is were Westcourt is ideally placed to help families in business. Our sole focus is on families and the businesses they own – and that focus brings an understanding to the table that every generation has its own needs and its own solutions. And our consistency of approach, and the consistency of our leadership team, allows us to approach the family succession over years with care and respect.
Some families will want to create a part-time family office where family members slowly acquire knowledge and an understanding of the business and investment assets of the family. And that graduated process can require remuneration of family members to acknowledge their time and effort in managing the family business and the family investments.
If you family wants to create a formal succession for the business we can also participate through tax effective family succession structures including flowering shares, discretionary trusts and pull-apart companies so families can choose to stay together – rather than being forced to stay together.
If your family runs effectively a “spaghetti monster” of tax entities we can also approach the family succession with a family charter – where the values and desires of the family are clear and job responsibilities are outlined. And our approach of a family AGM for these families where the values and “spaghetti monster” of entities is remembered, discussed and slowly developed while remembering the different family members and how they impact.
As Westcourt originated from a family business we have first-hand real-life experience with family succession. And we understand that family succession is not a 17-page document that is generated in 3 weeks – the family succession occurs over time. And if that time requires a difficult conversation with a family member to clarify a position we have dealt with that conversations – both delivering, receiving and watching those discussions.
Westcourt are the natural choice for assisting family succession. Our specialist qualification in family business, our technical leadership in tax and tax structuring, first hand exderience, global network and independence of advice away from investment product makes us a natural choice for helping in family succession – so call us today to find out how we can help. can create SMSF’s in under a day (when urgent and subject to other client matters).