The most common feedback we get from prospective clients is that they started their succession program and simply didn’t get anywhere. Our structured approach to the planning process achieves a definite outcome in a reasonable timeframe.
Each issue can have a different interpretation according to the perspective of the stakeholder. The viewpoint of the Business, the Business Owner, the On Farm Family members and those working Off Farm can all be different. When this is combined with the taxation, legal, financial and estate issues the exercise can become extremely complex.
To enable a successful outcome each perspective must be considered to achieve balanced and equitable goals and objectives.Our planning process categorises the key elements and focuses on each separately. This provides greater clarity, creates more options and allows each participant to understand why certain outcomes are necessary.
These elements include:
Management Transition – How to deal with the ‘human’ side of the transition.
Improving communication through a formal structure, alleviating future conflict, understanding roles and responsibilities, establishing an effective organisational chart, introducing rules and procedures, mentoring for future leadership.
Business Transition – Managing the restructuring of the business and protecting assets.
Determining suitable structures, dealing with taxation and legal issues, distributing equity, protecting assets and reducing potential liabilities, building business agreements, ensuring business sustainability, creating business plans, managing growth and development.
Property / Asset Transition – Dealing with changes in ownership and the movement of assets.
Suitable timeframes, capital gains tax and stamp duty, legal and taxation issues, equitability amongst stakeholders, transfer methodologies, extracting liquidity, ownership structures, estate issues, management of debt and finance, security requirements, claw back provisions.
Retirement Transition – Facilitating a successful journey through retirement.
Financial security, funding projections, securing accommodation, aged care plan, estate planning, Centrelink issues, superannuation planning.
Family Transition – Protecting family values and maintaining harmony.
Maintaining the family legacy, minimising conflict, creating equitability and fairness, lifestyle issues, family boards of management.
When you engage Next Rural we commence a five stage process. It starts with an extensive Discovery phase to ensure we have all relevant information to provide accurate and informed outcomes. Key considerations are then identified, documented and presented for discussion. The Consensus phase establishes a common understanding amongst stakeholders. This is then documented and reviewed. We then assist in applying the outcomes and providing ongoing support and advice.