As we have seen with the COVID-pandemic, the future may not always be what we expect. We at Greeff Attorneys assist our clients in planning for their future, including for those unforeseen circumstances.
What is a family constitution or business succession plan?
It is a holistic document which serves as a guide for current and future generations of a family business (including farming operations) or any other business and assists them to make decisions and reach their goals. The plan addresses issues of wealth, management conflicts, advisory systems and succession and aims to prevent possible future conflicts.
The plan takes into consideration the personal goals of the individuals as well as the overarching mission and vision of the entity. It encapsulates the business traditions, dynamics wishes and aspirations as well as a plan to achieve it. It is here where we ask pressing and important questions while it is still possible for all concerned parties to sit around a table.
Why is it important?
One of the family members or team members may have certain ideas and ideals of what will happen when senior members pass away or retire, this idea might not always be accurate or might be in contradiction of another member’s ideas. This plan creates clarity on the “what then” and “what will happen if…” scenarios. It creates certainty and assists members in planning their future.
Who needs it?
This plan may be as simple or as complex as need be. Therefore this is suitable for any business, big or small, that wishes to prosper even after the death or retirement of the founder.
Contact Greeff Attorneys today to see where we can help in the successful succession of your business.
Disclaimer: The material contained in this document is provided for general information purposes only and does not constitute legal or other professional advice. We accept no responsibility for any loss or damage which may arise from reliance on information contained in this article.