When family is involved in business together, conflicts can arise that are much more emotionally tense and difficult to resolve than those in a purely professional environment. Preemptive planning along with resolving issues that do arise in the most objective and professional manner possible, are some of the best ways to continue working harmoniously with your family.
More so than in any other business, it is important for the owner/ operators of family businessesto maintain professionalism and objectivity, to help keep the emotional aspect of personal relationships from interfering in the running of the business. An excellent way to ensure that management remains as unbiased as possible is to have a clearly defined infrastructure to rely upon, particularly as regards businessplans, financialplans and management hierarchy.
Your businessplan should be structured to include a clear set of goals and objectives that you would like to achieve with the business. A management and personnel organisation chart which clearly outlines the business hierarchy previously decided upon, and a brief plan of how the business financesshould be managed, utilized and divided. A financial advisor can be of assistance in this area.
To ensure that plans for your business and your family in relation to your business are followed, it is advisable to create an estate plan, a document specifying powers of appointment, power of attorney and a living will, both for legal and taxation purposes. An accountant proficient in programs, such as XERO, are a good investment for areas regarding business tax.
Northern Beaches Accountants is a dedicated team with offices in Manly, Mona Vale, Narrabeen, Newport, Avalon, Dee Why. Our business accounting services can be tailored to suit businesses of any size, at any stage of their life cycle. Contact us if you have any further questions or concerns, to ensure that you are doing the best for your business and your family.