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Business succession planning
Cultivating enduring value
No one goes through the work, risk and sacrifice of starting a business without hoping it will last. Building value that endures is the dream that motivates entrepreneurs. Yet in many businesses, too little of that work goes into determining who will take over when the founders leave the stage.
For a business, working without a succession plan can invite disruption, uncertainty and conflict, endangering future competitiveness. For companies that are family-owned or controlled, the issue of succession also introduces deeply emotional personal issues and may widen the circle of stakeholders to include non-employee family members. That’s why we have created a series of papers to address these important issues.
So what can private companies do to get started and how should they address existing plans? This series focuses on the many considerations for private companies as they plan for business succession. Together, this series creates a library that can help business leaders identify and overcome the challenges that stand between them and an orderly transition of the management and ownership of their companies.
The need for planning
Many privately held businesses display solid professionalism and enviable profits in their daily operations, yet fail to properly plan for and complete the transition to the next generation of leaders. Learn more about strategic long-term planning in this first issue of our Business Succession Planning series.
Establishing a foundation
For many public companies, the choice of an entity structure is fairly straightforward. But private companies have more choices and need to decide which structure is the right fit for their long-term goals. This issue focuses on how the choice of entity structure, valuation methods and financing options can impact business succession planning – and outcomes – for private businesses.
Preserving personal and family wealth
Plans you make for your business can have significant and often surprising effects on the plans you make for yourself in retirement. Read how planning ahead for estate and gift taxes, life insurance and your investment portfolio can help you address family and business needs to meet your retirement goals.
Family dynamics and governance
A thoughtfully-governed family business can be a boon for everyone involved — not only in terms of wealth creation, but also in promoting harmony, personal fulfillment and shared purpose. Learn how to balance business needs and family concerns in order to create along-term governance plan that can help your business and family prosper together.
Cementing a legacy
There is no formula a business owner can use to address the emotional side of succession; however, there are leading practices and strategies that can confirm your legacy isn’t left to chance. Two experienced professionals share insights from years of helping owners of closely held business prepare to transition leadership.
How can Deloitte help?
Deloitte Malta can assist in providing additional information in connection with family business requirements. Topics you may be interested to hear about:
- Succession planning
- Governance, roles and decision making
- Business transfer
- Policy and process
- Establishing a family council