Help for Hunter businesses to succession plan

Help for Hunter businesses to succession plan

Hunter accounting and business services firm, Pitcher Partners, is bringing an Australian expert in business strategy to the Hunter to provide valuable information to local business people in the increasingly important area of succession planning.

Dr Richard Shrapnel PhD is a Melbourne-based executive director of Pitcher Partners and a chief investigator in a recent global research report Succession Reset: Family Business Succession in the 21st Century. He will be the key note speaker at a special business luncheon at the Newcastle Club on November 28.

Hunter-based managing partner Greg Farrow said many local businesses, particularly family businesses, overlook succession planning. He said the research confirms this as a global problem as 84 per cent of people surveyed had not completed succession plans. Succession planning in family businesses has broader importance for the economy because families make up 67 per cent of businesses worldwide and generate 70 to 90 per cent of annual global GDP.

Greg said that succession planning is something businesses need to work on from the start of their business, not just when they are thinking of selling or retiring.

He said Dr Shrapnel will take people through the key findings of his research to highlight that that the traditional definition of business succession is no longer relevant.

“The research shows there is greater complexity and uncertainty for baby boomer business owners and the dramatic change in the role of sons and daughters in family businesses,” Greg said.

“Businesses need to focus on financial capacity to support a growing family, and the generational transfer of skills that create wealth and passion for business.”

“Business succession is not about retirement or getting the best price for your business, it’s about changing to meet the current environment, passing on a viable business, keeping people in jobs and, for families, harmony and a fair share of the assets.”

Dr Shrapnel will also take business people through eight principles of succession.

  • Succession is not retirement
  • Start with readiness ‚Äì preparation is a must
  • Set your goals before the journey
  • Harmony is a must
  • Price is not first
  • Plan early, start earlier
  • Equality is not equal
  • Ask before you get lost ‚Äì advisers are important.

The research was conducted in association with Swinburne University as part of a four year project canvassing 2,650 people across 56 countries and in nine languages. View the video here.

Event details

  • Friday, 28 November 2014
  • 12.15pm for 12.30 – 2.30pm
  • Newcastle Club, 40 Newcomen Street, Newcastle (please note, dress rules apply)
  • $60 per head and includes a 2-course meal and refreshments.
  • Bookings essential

Image | Hunter managing partner Greg Farrow

 

Pitcher Partners

Pitcher Partners Newcastle and Hunter is the region’s largest accounting, audit, and business advisory firm.  With 12 partners and over 140 staff,  they offer personalised advice across tax, audit, business advisory, SMSF, wealth management and finance. Specialising in a diverse range of industry sectors including hospitality, family and privately owned businesses, medical, manufacturing, transport, property and construction, as well as not-for-profit and aged care.

Pitcher Partners is part of a national association of accounting, audit, and advisory firms. With offices in Newcastle and Maitland, Pitcher Partners has been serving clients for more than 50 years.

Pitcher Partners is also a member of Baker Tilly International, giving clients access to resources internationally.

Newcastle office: 12 Stewart Avenue, Newcastle West

Maitland office: 20-22 Church Street, Maitland

02 4923 4000

theteam@pitchernewcastle.com.au

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