Family Business Advisory Conference
Issues covered include: restructuring, tax exit and cashing out strategies, impact of relationship breakdowns on family business, modern business succession planning
Description
In one information packed day you will gain the best strategies to help your family business clients with restructuring, cashing out and exit throughout the family business lifecycle. You will obtain the key tips and traps to assist clients to avoid family conflict in the family business but ensure the business success in the event of relationship breakdown, from the leading tax and family law experts.
Chair: Claire van Malland, Senior Manager, Tax, EY
9.00am to 9.30am: OPENING ADDRESS: Insights from Australia’s Oldest Family Owned Chocolate Maker
- Family and company history: four generations since 1915
- Growth of the family business
- Working with other family members
- The success of family business: now and future
Presented by Alister Haigh, Chief Executive, Haigh’s Chocolates
PERFECTING YOUR RESTRUCTURING, TAX EXIT & CASHING OUT STRATEGIES
9.30am to 10.30am: From Unsuitable to Ideal: A Guide to Fixing Family Business Structures
- Family businesses often grow or change over time, but their structures do not keep pace
- Prioritising between risk protection, family desires and commercial issues
- Why tax efficiency may not meet family needs?
- Dealing with expectations and sense of entitlement
Presented by Clifford Hughes, Principal, Clifford Hughes & Associates; Accredited Specialist in Taxation and Business Law; Chartered Tax Adviser
10.30am to 10.45am Morning Tea
10.45am to 11.45am: Your Preparation Guide and Tax Exit Strategies for Selling a Family Business
- Business or entity sale?
- Issues with selling the business
- How is the entity taxed on the gain
- How can owners access profits
- Planning for due diligence requests
- Selling the entity:
- Pre-sale issues with surplus assets and related party loans
- Sale proceeds by way of dividends and/or capital gains
- Key GST and stamp duty considerations
Presented by Simon How, Partner and Rebecca Smith, Manager, Taxation Consulting, Bentleys SA
11.45am to 12.45pm: Cashing out Strategies: Extracting the Wealth from a Family Business
- Extracting value from companies
- Available options under the Corporations Act
- Tax consequences of common options
- Value extraction from trusts
- Opportunities for value extraction
- Tax consequences of common options
Presented by Tim Edgecombe, Tax Consultant, BDO; Chartered Tax Adviser
12.45pm to 1.30pm Networking Lunch
PRACTICAL GUIDE TO AVOID FAMILY CONFLICTS
Chair: Wei Soong, Manager, Tax, EY
1.30pm to 2.30pm: Family Enterprises: How to Engage with the Next Generation
Many family businesses are uncertain about the right way to get the next generation involved in the business or just how to provide them with the opportunity to participate. Challenges constantly faced are around what’s the right way to have them work in the business, how to get them involved in the management of the business or do they become involved in the family investment side of things? Factors like existing skillset, commitment, motivation and when the time is right all feature highly in deliberations. Explore different strategies that your family business clients could employ to successfully engage with the next generation and support them to be the future leaders of the family enterprise.
Presented by Kerri Reynolds, Managing Director, Reynolds Advisory; Chartered Tax Adviser
2.30pm to 3.30pm: The Strategies and Information You Need to Deal with a Family Business & a Relationship Breakdown
- A quick rundown on the approach the family law courts have to the splitting of assets and treatment of income
- The approach to the valuation of assets: personal, companies and trusts
- What liabilities are taken into account: stamp duty, CGT and Division 7A loans
- The treatment of loans as liabilities
- Dealing with SMSFs and lessons you need to learn
- The pros and cons of pre-nuptial agreements for your family business clients
Presented by Wendy Barry, Partner, Tindall Gask Bentley Lawyers; Accredited Specialist in Family Law
3.30pm to 3.45pm Afternoon Tea
3.45pm to 4.45pm: Modern Business Succession Planning for the Blended or Complex Family
Putting in place an adequate business succession plan is something that is often overlooked due to the delicate nature of the issues that arise and the potential to generate conflict between family members. With the increase in blended families as well as more and more children choosing to forge a career for themselves outside of the family business, it has become increasingly necessary for business succession to be addressed in advance and proper succession plans documented to avoid messy and complicated disputes arising later. In this session, you will explore some of the issues that need to be considered when planning for the succession of your client’s family businesses including:
- Managing expectations about participation rights, entity control, financial rewards and entitlements
- The distinction between decision making and beneficial ownership
- Structuring to protect the interests of family members who do not work in the business
- The use and limitations of shareholders agreements, trust deeds and company constitutions
- Risks of not having an appropriate succession plan
Presented by Briony Hutchens, Director, DW Fox Tucker Lawyers; Chartered Tax Advisor
Venue
Stamford Plaza Adelaide Hotel
Level 2, 150 North Terrace
Adelaide 5000
SA
Australia
Accreditation
Attend and earn 6.5 CPD units
FASEA CPD Categories
6.5 CPD units in Technical Competence
All our conferences are able to count towards your CPD hours in accordance with the regulations of any industry association including CA ANZ, CPA and more. Click here to view your organisations' rules.