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Succession is no longer just about who takes over. Many family businesses are using succession planning as a catalyst to reassess whether their current structure is still fit for purpose. As businesses scale, trust or partnership structures can become restrictive. Issues may include limited asset protection, challenges winning commercial contracts, reduced buyer appeal, and constraints on reinvesting profits to support growth.

Australia’s primary care sector is undergoing a period of rapid structural change

The 2025 Family Business Report explored the mindset of Australian family business leaders as they navigate an increasingly complex and uncertain landscape. While the top challenges varied between incumbent leaders and the rising generation – ranging from staffing and cashflow to succession planning – there was notable alignment with the broader threats identified in the survey.

Money and finances can often be a sensitive and discreet topic in families, but what about families that own and operate a family business? Discussions about money can often begin around the dinner table, with even very young children receiving pocket money in exchange for chores.

In the latest episode of Beyond the Numbers with Grant Thornton, Private Business Tax and Advisory Partners and Family Business accredited advisors, Kirsten Taylor-Martin and Kirstin Stewart discuss the critical elements of effective succession planning.

Tax & legal considerations for financial settlements in relationship breakdowns

The results of the 2023 Family Business survey showed succession planning is still a topic of high importance to family businesses. The results revealed 72 per cent of family businesses believe succession planning would be an important topic for their business over the next two years.

When you’re a family business, the lines between business and family can become blurred. For some family businesses in operation for multiple generations, this is even more apparent as the family business may be all they’ve ever known.

Generally, when we talk with family businesses about the next generation ‘taking over’ we break this down into two parts – management and ownership. Every business – like every family – is different and what this means in one family business may be completely different in another.

It is not uncommon for parents to advance their children money. What the funds are used for may be a significant consideration in how the transfer may be structured from the family business entity, or group of entities, as there may be several financial, taxation and legal consequences.