STEP Research - Succession

Summary

In this episode of the Family Business podcast, Russ Haworth and Matt Braithwaite discuss the critical importance of succession planning for family businesses, drawing on recent research conducted by the Society of Trust and Estate Practitioners (STEP). They explore the alarming statistics regarding the lack of succession plans and up-to-date wills among family business owners, the complexities of modern family dynamics, and the essential role of professional advisors in navigating these challenges. The conversation emphasises the need for proactive planning, effective communication, and the impact of recent budget changes on family businesses.

Chapters

00:00 Introduction to Family Business Dynamics

06:09 Key Findings from STEP's Research

12:11 Challenges in Succession Planning

17:46 Communication and Family Dynamics

23:47 The Impact of Recent Budget Changes

30:00 Conclusion and Future Considerations