{"id":1136,"date":"2017-12-11T00:00:00","date_gmt":"2017-12-11T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/2017\/12\/11\/passing-the-torch-succession-planning-tips-for-family-businesses\/"},"modified":"2024-05-07T13:44:45","modified_gmt":"2024-05-07T17:44:45","slug":"passing-the-torch-succession-planning-tips-for-family-businesses","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/passing-the-torch-succession-planning-tips-for-family-businesses","title":{"rendered":"Passing the torch: Succession-planning tips for family businesses"},"content":{"rendered":"\n

According to a recent\u00a0PwC Family Business Survey, nine <\/span>out of 10 families in Hong Kong, China and Singapore have yet <\/span>to formulate<\/span> a robust plan to transition their business from the <\/span>first to second generation.<\/span><\/p>\n\n\n\n

It\u2019s a daunting prospect \u2013 to compress the history of something so complex, something so riddled with working parts, into a transferrable blueprint that can be used by future generations. And simply put, some owners don\u2019t want to do it, as they aren\u2019t certain they even know how to transition or <\/span>craft<\/span><\/a> a succession plan<\/a>.<\/span><\/span><\/p>\n\n\n\n

\u201cWhen you’ve built your business from scratch, you’ve had to make every decision – from how many paper clips you need to order, to massive commercial multi-million dollar questions. It’s a more difficult and complex process than you think to let go and hand that control on to the next generation,\u201d says Mike Reed, h<\/span>ead of d<\/span>istribution s<\/span>trategy, RBC Wealth Management Asia.<\/span><\/p>\n\n\n\n

To Reed, there is no singular approach to succession planning. Instead, it\u2019s a spectrum of solutions ranging from building a simple will to crafting a plan years in advance of stepping down. Unfortunately, an overwhelming majority of family businesses in Asia<\/span> veer towards the bare-minimum approach.<\/span><\/p>\n\n\n\n

Ninety percent of the family business owners surveyed by PwC say they have no succession plans in place. It was also found that business owners in Asia hold back when it comes to open dialogue about inheritance, with just 32 percent<\/span> comfortable sharing the details according to the <\/span>RBC Wealth Management 2017 <\/span>Wealth Transfer Report<\/span><\/a>.<\/span>That\u2019s a statistic that<\/span> could be improved with a little illumination surrounding the succession-planning process.<\/span><\/p>\n\n\n\n

Here are some tips to help family business owners plot the <\/span> transition from one generation to the next.<\/span><\/p>\n\n\n\n

Start early<\/h4>\n\n\n\n

Knowing when to start succession planning is one of the biggest challenges. While elements like ailing health or offers to buy the business often trigger an exit strategy, there are arguments for starting to lay the groundwork now so the plan can be enacted the moment the business owner starts thinking about moving on.<\/span><\/p>\n\n\n\n

The long lead-in allows for a step-by-step approach with the incumbent owner working alongside the incoming executive to really examine and grasp the finer details of running the company.<\/span><\/p>\n\n\n\n

\u201cThey can start to learn to manage the money, learn the management skills, or appoint external professional managers if you need (them) to make this business work beyond the lifetime of the founder,\u201d adds Reed, \u201cOne client supplemented his b<\/span>oard of d<\/span>irectors with complementary advisors meant to fill the knowledge gaps his daughter had.\u201d<\/p>\n\n\n\n

For big business families with complex affairs, a family constitution is also a helpful tool.<\/span><\/p>\n\n\n\n

\u201cThey tend to be a mix of legally-binding and non-legally binding elements like mission statements or family objectives,\u201d explains Reed. \u201cFor example a long-term goal could be to ensure that this business stays in the family as long as possible to benefit (future) generations,\u201d says Reed.<\/span><\/p>\n\n\n\n

Don\u2019t overlook the emotional side <\/h4>\n\n\n\n

In addition to the structural elements, family business owners should also focus on the psychological or personal effects of the transition. <\/span><\/span><\/p>\n\n\n\n

\u201cThe chief need is to deal with emotions alongside a rational planning process and not let them get intertwined \u2013 the fears of incoming and outgoing generations need to be addressed sympathetically, while the rational planning process unfolds at a pace people can handle, with good handholds along the way as people feel their way into their new roles,\u201d says Reed<\/span>.<\/span><\/p>\n\n\n\n

\u201cIt must be forward looking; celebrate the past so as to let go of it, and move with positivity and confidence towards the future.\u201d<\/span><\/p>\n\n\n\n

One way outgoing owners can manage the handing over of <\/span>control, says Reed<\/span>, may be to set up a trust. A trust is a legal relationship created when the ownership of certain assets are transferred to another person or company (the trustee). The trustee then manages and administers those assets in the best interests of those involved.<\/span><\/p>\n\n\n\n

Build your team<\/h4>\n\n\n\n

Using a trust and choosing a trustee may be just one part of the succession planning process<\/a>.<\/span><\/p>\n\n\n\n

\u201cYou may well need asset and wealth managers, you will most certainly need good accountants and lawyers,\u201d says Reed.<\/span><\/p>\n\n\n\n

A solid advisory team can help develop and assess different strategies, weigh scenarios for selling and allocating assets, if this is the direction a family business owner is going, and support the former head of the business through the emotional elements.<\/span><\/p>\n\n\n\n

In the case of many family businesses, the succession planning team will include relatives.<\/span><\/p>\n\n\n\n

\u201cYou can only bring the best advice if you’re properly sitting down to make a plan for how the succession is going to work,\u201d adds Reed.<\/span><\/p>\n\n\n\n

If the business is to be valued, the advisers will have to think not just about a dollar figure, but look into how the timing of the transfer will affect the company\u2019s worth; they may even need to consider a disposal in the event the next generation doesn\u2019t want to move forward together.<\/span><\/p>\n\n\n\n

\u201cNot every business is going to neatly enable itself to transition to every generation,\u201d adds Reed<\/span>. \u201cSometimes there are no mechanisms and the best thing to do is to achieve a good sale at the right time.\u201d<\/span><\/p>\n\n\n\n

Keep it evolving<\/h4>\n\n\n\n

Perhaps the most critical element to keep in mind when setting up a succession plan is to see it not as static guidance but an evolving blueprint for transition, one that should be documented at every stage.<\/span><\/p>\n\n\n\n

\u201cYou can’t do this exercise once and leave it,\u201d says Reed. \u201cIf you’ve got a big, complex business family you have to – at least every five years – come back and check and make sure it’s still meeting your goals.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Passing on a family business can have emotional, psychological and structural challenges. But those challenges can be crippling if not addressed.<\/p>\n","protected":false},"author":15,"featured_media":8440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[158],"tags":[255,159,259],"rbcwm_content_owner":[],"rbcwm_need":[209,216,210],"rbcwm_segment":[206],"rbcwm_solution":[220,208],"rbcwm_topic":[217,215],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-1136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-your-business","tag-business-succession","tag-family-business","tag-wealth-transfer","rbcwm_need-grow","rbcwm_need-live","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-trusts","rbcwm_solution-wealth-planning","rbcwm_topic-your-business","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Passing on a family business can have emotional, psychological and structural challenges. 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