Khan Horne, NAB’s Executive Regional & Agribusiness is joined by Mark Scanlon, CEO Next Transition Group, and Emma Hayward, NAB banker, who share their expertise, and learning on the importance of succession planning in our latest podcast.

Did you know:

• Only 30% of Australian family businesses have a documented succession plan in place, and for non-family privately held businesses, the number is even lower.
• JBWere research shows total inheritances (or wealth transfer) in 2024 are estimated at $150 billion, and over the next 20 years totalling $5.4 trillion. This is up from the 2017 estimate used previously by the Productivity Commission of $3.5 trillion over 2 decades.

Key take aways from the podcast include:

• Succession planning is a process not an event – be proactive and start the planning well in advance to ensure a smooth transition.
• Breaking down the succession plan into its key transition pillars and addressing them in the following order is often an effective strategy to achieving a successful outcome – including:

Management Transition

• • Looking at future roles and responsibilities of those in the business (family and non-family)
  • Developing effective communication and decision-making protocols

Business Transition

• • Looking at the process of changing the ownership, structure, or operational model of the business – business continuity.

Property or Asset Transition

• • Considering asset protection, taxation, capital gains requirements

Retirement Transition

• • Allowing for funding of future lifestyle needs; wills and estate plans, and

Enduring Powers of Attorney’s and Powers of Guardianship

Family Transition

• • Considering fair outcomes for all family members and protecting the legacy.

• It’s important to have professional guidance during the succession planning process

Listen to the podcast here.