STEP Research - Succession

SummaryIn 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.Chapters00:00 Introduction to Family Business Dynamics06:09 Key Findings from STEP's Research12:11 Challenges in Succession Planning17:46 Communication and Family Dynamics23:47 The Impact of Recent Budget Changes30:00 Conclusion and Future Considerations