Family Businesses
Accounting and Advisory Services

A family business is about more than just business. It is a labour of love with the hope that what you have built will be passed down for generations to come. But the unique dynamics within a family business can also bring its own set of challenges. As a firm specialising in family business accounting and advisory services, we can help with everything from your day-to-day accounting and bookkeeping needs to helping you navigate the intricacies of inter-generational transitions and the related tax and financial implications.

Who we help

Our expertise lies in providing accounting and advisory services to family businesses of all types including:

 

  • Small-to-medium-sized family businesses
  • Small family-run startups
  • Multi-generational enterprises
  • Businesses currently undertaking an inter-generational transition
  • Family-owned businesses just commencing succession planning discussions
  • High-net-worth family groups

We’re more than just accountants—we’re strategic partners committed to the success of your business legacy

We know some of the challenges you face

Family businesses often grapple with:

 

  • Succession planning. A critical issue for many family-owned businesses is a lack of an exit plan or a clear strategy for ensuring a smooth transition of leadership to the next generation.
  • Conflict management. In family businesses, personal and professional lines can often blur, leading to disagreements that may impact the business.
  • Tax planning. Family businesses often have complex tax structures, requiring careful planning to minimise liabilities while ensuring compliance.
  • Cash flow and financial management. Managing the finances of a family business can be tricky, especially when balancing growth with maintaining legacy assets.
  • Governance. A lack of clear governance and management structures can be detrimental to the success of the business as lack of clarity can result in conflicts and can hold the business back.

How we help family businesses thrive

We offer family business holistic advisory services that are designed to address the unique needs of your business. Whether you’re planning for growth, transitioning to the next generation, or simply need someone to handle your accounting and tax matters, we are here to provide expert advice and guidance.

We understand that no two family businesses are alike so we take the time to understand the nuances of your business, offering personalised family business services that reflect your long-term vision. Our services are designed to help your family business:

  • Achieve financial stability and a plan for growth
  • Minimise risk through proactive planning
  • Improve operational efficiency
  • Navigate complex family dynamics
  • Develop a clear and effective governance structure

Our services

Our comprehensive range of family business services spans accounting, taxation, and business advisory, all aimed at supporting your business’s financial health. We provide:

Strategy

  • Business structure advice, including set up
  • Strategic planning for growth and scale
  • Advice relating to franchise agreements, mergers and acquisitions, business sale, or the addition of new partners/investors
  • Strategic preparation for the owner’s retirement including succession planning or ownership changes. This also involves governance advice as professionalising the business with strong management practices, a board of advisors or a board of directors can help ensure the business’s continued success after the owner’s retirement.
  • Financial planning including retirement and estate planning helps secure both your and your family’s financial future

Analysis and advisory

  • Management accounting, including provision of relevant data, insights and forecasting; business performance benchmarking; tracking and managing income, expenses, assets and liabilities; breakeven analysis; working capital management and forecasting so cashflow fluctuations can be tracked accurately; budgeting advice including investigating where costs may be reduce
  • Creating understanding around your revenue and profit drivers
  • Pricing reviews and scenario modelling
  • Accounting software selection, migration and implementation
  • Advice around analysing and optimising labour costs
  • Advising how all of this data and information can help you make more informed decisions and maintain financial stability
  • Risk management advice to ensure your business stays on track including asset protection

Tax planning, compliance and reporting

  • Accounting services including managing your statutory reporting and ATO obligations, and ensuring your financial records are accurate and up to date
  • Strategic tax planning to minimise liabilities while ensuring compliance with the relevant laws and regulations
  • Tax efficiency guidance relating to the purchase of supplies, fixtures, equipment
  • Bookkeeping services including BAS, GST, payroll and tax returns
  • Tax advice on more complicated matters and transactions
  • Audit and assurance, including internal controls and reviews

Positive outcomes you can expect

By partnering with us for family business advisory services, you can expect a range of positive outcomes:

  • Improved financial performance. With accurate accounting and reporting, you’ll be able to make more informed decisions and enhance profitability.
  • Optimised cash flow: Maintain financial stability and plan for growth with effective cash flow management strategies.
  • Tax savings. Through effective tax planning, you can reduce your tax burden while staying compliant with regulations.
  • Smoother succession transitions. We can help ensure a seamless transfer of leadership, safeguarding your business’s continuity.
  • Family harmony. By establishing clear governance structures, we help reduce the risk of family disputes, allowing you to focus on growing your business.
  • Long-term security. Our estate and wealth planning services can help ensure your family’s legacy is preserved for future generations.

FAQs

Planning and preparation for retirement can be particularly complex for family business owners as they must balance their personal financial security, the long-term viability of the business and family dynamics. Key aspects to consider include:

  1. Exit strategy. Business owners need to strategically plan whether they will pass the business on to a family member, or sell to an employee or outsider. Because this topic can sometimes lead to conflict within the family, managing this process carefully is paramount. Family meetings where everyone aligns around the goals and next steps can help prevent issues before they arise. A corporate advisor can help you with this process.
  2. Training the next generation. Transferring knowledge and responsibilities over time is crucial to the business’s long-term success. Many business owners prefer to transition to retirement slowly, reducing their involvement in the business while the next generation takes over.
  3. Preparing financially for retirement. A financial advisor can help ensure you have the right plans in place to achieve financial security in retirement. These conversations can cover things like savings plans, investments, superannuation, cashflow planning, insurance, aged care planning, estate planning and more.
  4. Tax planning. Retirement planning involves considering the tax implications of transferring ownership and wealth. Strategies to minimise taxes while remaining compliant can be developed by a tax advisor.

Family business accountants in conjunction with corporate advisors, tax advisors and financial advisors play a key role in succession planning by assisting with:

  • Business valuations
  • Advising on exit strategies and succession planning
  • Tax planning
  • Financial health checks
  • Cash flow guidance
  • Retirement planning
  • Facilitating buy-sell agreements
  • Convening family meetings
  • Collaborating with legal advisors

Get in touch

If you’re ready to take the next step in securing your family business’s future, we’re here to help. Sit down with our team of dedicated family business accountants and advisors to learn all the ways we can help you.

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