|Book||Family Business Succession Guide||04/08/2010||9780455226958||$96.00|
Family Business Succession Guide provides a practical approach to family business succession planning. Authored by Sue Prestney, Partner, MGI Melbourne and currently National Chairperson of MGI Australia, Sue is also the Institute of Chartered Accountants’ spokesperson on SME issues.
The book capitalises on Sue’s extensive experience in working with family and private businesses for over 30 years. She specialises in family business advising, including taxation advice, succession planning, valuations issues, and transaction support including preparing businesses for sale.
The book is an essential guide, not only for advisers to small business, but for SMEs themselves. Written in a clear and concise style, the guide looks in detail at the tax issues surrounding succession, but also provides an excellent guide on management succession (eg the board, future business leaders, employing family members), and equity succession for family businesses (eg structures, form of transfers, buy-outs, asset protection, estate planning).
Containing many practical examples, checklists, diagrams and case studies direct from the author’s first-hand experiences, this guide outlines the practical process to be following under a succession planning assignment.
The book also helpfully includes a CD-ROM which contains planning checklists that can be used as templates by advisors and SMEs themselves to ensure they get off to a good start on succession planning. These checklists cover issues such as getting started, working with a family business facilitator, developing a family participation plan, preparing a management development plan, and the steps involved in grooming a successor. The CD also includes other templates and forms including Objectives of the Family Business, Management Philosophy, Agenda - Family Meeting, Family/Business Interaction, and Family Values.
A review by Allan Swan in the Law Institute Journal (Jan/Feb 2011, p68) can be found on the Download Page.
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From: The Law Society of Tasmania
Reviewed by: Tim Tierney
For many practitioners, business succession planning for owner-controlled businesses is a source of frustration. So often clients resolve to put the issue on their agenda, have a meeting, discuss the subject and create an action plan, only to see the issue fall into the too hard basket or be overwhelmed by the greater immediacy of day-to-day matters. Sometimes advisers can be an obstacle as well, raising complexities rather than offering solutions and finding it difficult to accept the need for a mix of professional skills.
Many publications in the area have not necessarily helped, as they often seem to highlight the skills of the author and accentuate the mystery of this area, or simply focus on that part of the topic that is within the writer’s comfort zone. Sue Prestney’s book, by contrast, is a breath of fresh air for those people looking for a practical guide through the many complexities of family business succession. It is a book written with an eye for the practical and has a logical sequence to addressing the many issues involved.
The book starts with the interpersonal factors and likely family dynamics, both of the existing business principal(s) and of the expectant or chosen successors, whether within family or within firm or from outside the firm.
The focus then moves to technical issues, concentrating on accounting and taxation issues and the significance of different ownership arrangements. The book concludes with a series of appendices, many of which are in checklist form.
It is likely that the book will deservedly find two markets – the professional advisor reader and the current or aspiring business principal reader. For both groups of readers, it will be a practical and useful addition to their libraries.
Non subscription price