Australian family businesses are in the midst of the largest transfer of wealth in the nation’s history as baby boomer founders begin to retire and transition out of their businesses.
Yet not all of these family businesses are being passed down to the next generation. At PwC we’re presently seeing a move away from business succession planning to wealth succession planning as a lot more business owners opt to push the sell button.
This is a relatively recent phenomenon because the last time family businesses were being offered deals at very high valuations back in 2007, many owners weren’t ready to sell. They envisioned themselves running their businesses for longer and passing the baton to a new generation.
The global financial crisis changed everything. PHOTO: (Shortbreak) READ MORE: http://www.afr.com/news/special-reports/business-family-and-you/family-businesses-need-to-prepare-for-transfer-of-wealth-20170308-guu15y#ixzz4apFPatGO