Succession Planning

Succession Planning for Family and Agricultural Business

Think of succession as a gradual process not an event, as it is not just a transfer of assets, but also a transfer of knowledge, roles & responsibilities, experience and values.

It all starts with communication.

Every family business is unique, and has its own story, so we take the time to listen and understand the different perspectives of all family members.

A successful outcome can look different for each family, depending on your circumstances.

We can help customise a plan, to suit the specific needs of your family, and the business.

Crimson Walker will provide a clear roadmap for:

• Communication
• Family needs
• Options and strategy
• Leadership and roles
• Ownership

Don’t avoid it- succession is a good opportunity to set the business up for a sustainable future, and to help ensure ongoing family unity.

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Succession Planning Process

At Crimson Walker we have developed a process, that we will guide you through, to help you get to a successful plan.

Communication

• Clarify and understand what is important
• Ask what the goals are and what the vision is
• Discuss needs and expectations
• Discover if succession is what everybody wants
• Get everybody talking and on the same page

Business Viability

• Determine what the business can afford
• Assess the current and future potential of the enterprise
• Determine the overall health of the business

Explore Options

• Consider the dynamics of the business and family
• Understand the financial resources
• Establish if a full or part succession is required, or if a different exit strategy is required

Establish Roles

• Discuss where everybody fits
• Establish who does what
• Clarify roles and responsibilities
• Find out what development and skills are required

Ownership

• Develop an understanding of who gets what
• Establish when and how ownership is transitioned

Structure and Advice

• Establish financial structure and needs
• Obtain legal documents and determine requirements
• Obtain relevant professional advice on specific matters

Create and Implement the Plan

• Bring it all together
• Obtain agreement and commitment
• Propose time frames and a clear pathway forward

Enquire now - succession is a process you should start today