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Focus On Small Business: Baker Tilly International Provides Initial Results For Succession Planning Survey

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Baker Tilly International, in co-operation with Baker Tilly Pitcher Partners and Swinburne University, has taken a closer look at both the sociological and economic implications for the family business succession process.
June 17, 2013

Baker Tilly International, in co-operation with Baker Tilly Pitcher Partners and Swinburne University, has taken a closer look at both the sociological and economic implications for the family business succession process.

With the research ongoing, here is a first look at the initial results:

Main triggers for undertaking succession planning?

  • Owner ready to step down
  • Taxation and estate planning advice
  • Next generation ready to step up

At the outset, what were the most important considerations?

  • Continuity of the business
  • Ongoing jobs for my employees
  • Family harmony

What were the main challenges to succession planning?

  • The capacity of the business to provide adequate financial returns, support retirement and support the next generation
  • The next generation lacking the necessary skills, not being interested or not being old enough

What is happening with the business when succession completed?

  • 57% said the business will be kept in the family
  • 27% said the business will be sold
  • 16% are unsure what will happen

Where the business is retained, who will be the next CEO?

  • 44% indicated it will be a family member
  • 36% said a non-family member
  • 20% are unsure

The survey will remain open for two more weeks! Please take a few minutes to participate. Upon completion, respondents will be able to download a copy of Succession Planning, a Baker Tilly International Guide.

To participate in this research, please click here.

 

Under U.S. Treasury Department guidelines, we hereby inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used by you for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed within this tax advice. Further, RubinBrown LLP imposes no limitation on any recipient of this tax advice on the disclosure of the tax treatment or tax strategies or tax structuring described herein.

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