Family business succession: start the right conversations

01 /

Hear expectations before choosing a successor

Ask family members what involvement they want, what they understand about the business and what a fair process would look like. Include people who own shares but do not work in the business. Avoid treating silence as agreement or assuming the next generation wants the same role as the current owner.

02 /

Separate the decisions

Who leads day to day, who owns the business and how owners receive information are distinct questions. A family member may be ready for one role and not another. Map the capabilities, resources and professional advice needed for each proposed transition. Keep tax, legal and personal financial decisions with appropriately qualified advisers.

03 /

Create a staged conversation

Start with objectives, then examine options and readiness before agreeing a pathway. Record what has been decided, what remains open and who will gather information. Make space to revisit assumptions as circumstances change. The plan should also consider continuity if an intended successor becomes unavailable or the owner needs to step back earlier.

Use this in your business

A first family meeting agenda

Purpose: what do we want the business to make possible?
Participation: who wants to work, own or govern, and who does not?
Readiness: what evidence would support each proposed role?
Options: what alternatives should we compare before choosing?
Next meeting: which information and independent advice do we need?

Illustrative example

What this could look like

An adult child wants to lead the business while a sibling wants no operating role. That is not necessarily a disagreement about the business's future. It creates separate questions about leadership capability, ownership, information and financial expectations that deserve separate decisions.

Your next move

Bring the decision into focus.

Pivot Point describes owner succession, transition readiness and stakeholder alignment in its services. Bring the people and questions involved to a conversation about how to start.

Start a conversation Meet the advisory team

This guide is general preparation information. Advice on legal, tax and financial consequences needs to reflect your circumstances.