For businesses and families alike, succession planning is fundamental to ensuring the future of wealth and its governance is appropriately provided for. Succession of family-owned companies and personal wealth attract the additional challenges around personal issues and family dynamics. An early start to the succession process is often the key to success.
For a business, working without a succession plan can invite disruption, uncertainty and conflict, placing future competitiveness and wealth at risk. For family-owned companies and personal wealth, the issue of succession also introduces deeply personal issues and family dynamics – which may include non-employee family members and stakeholders.
Getting it right can be a complex process. That’s why when it comes to effective succession planning, an early start can often be the key to success.
It’s perfectly natural to need support to get started. Which is why Deloitte Private’s proven experience and approach to succession planning has supported some of New Zealand’s wealthiest families and individuals to plan for their future.
Succession planning needs to be carefully tailored to every situation - whilst the principles are similar, personalities and circumstances vary greatly. Contact us to find out more.