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Ask the Advisor: How do we ensure a smooth leadership transition?

In Ask the Advisor, we put your questions to the experts. Our FBA Family Business Accredited Advisors answer frequently asked questions from family business clients for your benefit. Responses are from trusted professionals who understand the ins and outs of family business. In this Ask the Advisor, David Harland from FINH answers the question, "How can we ensure a smooth transition of leadership in our family business?"

6 May, 2025
Family Business Advisor, Family Business Advisors, Queensland, Article
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How can we ensure a smooth transition of leadership in our family business?

One of the biggest challenges family businesses face is leadership transition. The key is early, structured planning. A well-defined succession plan should be in place long before the transition occurs. This includes identifying and developing the next generation of leaders, ensuring they gain the right experience, and having open conversations about roles and expectations. It’s also important to separate family dynamics from business decisions. Establishing governance structures, such as a Family Committee, suitable Corporate Board or regular family meetings, helps create clarity and fairness. Ultimately, a successful transition is about balancing legacy with innovation, ensuring the business and family thrive across generations.

By Queensland based Family Business Accredited Advisor

David Harland
FINH
At FINH, we guide families through these complexities, helping them sustain both business success and family unity for generations to come.

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