Family and Owner Managed Businesses

The PKF International Association of consulting and accountancy firms has been recognised for many years as specialists and experts in total planning for family and owner managed businesses.

Questions to be addressed may include:

• Is there someone in the family who wants to succeed the owner?
• If there is more than one, what roles can they fill in the FOMB?
• Should the FOMB be sold so the owner can realise?

A practical, systematic approach has been designed and developed by PKF to help you through the simple, yet thorough, planning process in consultation with us.

The planning process basically involves four components:

1. The Owners' Plan - This identifies the owners' key personal goals and their role within the FOMB.
2. The Family Plan - This identifies the objectives of family members and other minority owners.
3. The Company Plan - Because the FOMB is integral to the success of its owners and their families, the company's business plan must be compatible with the owners' plan and family plan, sometimes modifying and sometimes being modified by these other objectives.
4. The Succession Plan - This plan integrates the owner's, family and company plans. It assists in determining the best outcome for the owners and other family members, how fairness for all family members and other shareholders is achieved, and how the owner' and family's wealth is preserved, whether the FOMB is retained within the family or sold.

The directors at PKF Carr & Stanton have been through extensive training on the FOMB process, both in New Zealand and the United States, and can help you and your FOMB plan for the future.

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