Planning Holiday Breaks: Family Business Discussions

/Planning Holiday Breaks: Family Business Discussions

Planning Holiday Breaks: Family Business Discussions

It’s always good to have a plan. Especially when it comes to holidays – even if it never happens! Why is that? Because it opens an opportunity for everyone to discuss ‘taking holiday breaks,’ which can be a very contentious issue amongst family members.

Sadly, discussions around what should be a ‘let’s pitch in help one another’ time, can often unearth more issues and emotions than you first expect. However, even if the discussion (and the planned break) doesn’t go the way you thought, it’s the perfect time for families to go over what they believe to be the best thing for everyone and how it would work.

So what are the things you need to consider?
1. Who’s going to take over any vacant role in the family business?
2. Who’s available to fill in?
3. Who’s capable of filling in?
4. What would be the likely timing for a changeover in the role/s?
5. Is there any preparation or training required?
6. Is there more than one person required (especially if it’s a 24/7 role)?
7. What are the logistics of what’s to be done?
8. Are there any important decisions to be made during the break – and can they either be brought forward or postponed until after the break?
9. Are there instructions needed to be arranged for others – bank signatories, legal arrangements, authorities, passwords etc?
10. Is there a list of people to call – professionals who give you advice (and a backup contact)?
11. Check that all insurances, wills and legal arrangements are up to date.

And finally, ask yourself when planning all of this:

“What’s the worst thing that can happen?”

And try to plan around your answer.

2016-12-13T10:27:23+08:00 By |Articles|