In this document we outline some of the key matters that are required to be addressed in order to achieve a successful succession. There are many examples in Irish business of long-established family businesses passing to the third and fourth generations and beyond. However, there are significantly more who have not got to that stage, primarily because they didn’t adequately address one or more of the key considerations we outline, with sufficient care or regard.
Many of the items for consideration require regular review and refinement as businesses grow or change in nature. Investing adequate time at the outset alleviates many of the risks that are inherent in a growing family business and modifications to either structure or approach are often easily addressed. With the recovery of the economy in the past number of years people are now actively engaging in the succession discussion again. Hopefully the outline we provide will aide the discussion and provide some focus to key points that should be addressed.
At Grant Thornton we have extensive experience guiding our clients successfully through the succession process. This involves advice on both the qualitative and quantitative aspects of the process. While there is a business at the core of each succession plan we advise on, it is all predicated on understanding the people and their respective wishes.