Tag: succession planning

For many South African farmers, a farm is more than an asset – it is a family legacy, a business and often the entirety of their net worth. However, when it comes to estate planning, one critical factor is often overlooked: liquidity. Without adequate liquid assets, heirs may encounter financial strain and operational challenges. In some cases, they may even be forced to sell the family farm to meet estate commitments.

The value of a well-drafted, updated will is in the spotlight again due to uncertainty surrounding Gene Hackman’s fortune. His estimated $80 million estate has raised questions about inheritance since his will does not name his three children.

Family businesses are the backbone of the global and South African economy, contributing significantly to the country's GDP and employment. However, these businesses also face unique challenges, particularly in managing the complex interplay between family dynamics and business operations.

Succession and continuity planning is an essential endeavour for high-net-worth entrepreneurial families looking to safeguard their family businesses and the financial security of the next generation. Expert insights are provided on how to navigate this complex process effectively to ensure that families who run businesses can continue to thrive even if their circumstances change.

In today’s complex financial landscape, business owners need more than just insurance policies. Business owners need the comprehensive, unbiased advice that can only come from an Independent Financial Adviser (IFA) to create a holistic financial plan. It is important to understand the distinction between a ‘tied agent’ and an IFA.

Farming is a long game that requires patience, perseverance, and strategic planning across all aspects of the operation. While every farmer understands this when it comes to tending crops and raising livestock, the same can’t always be said for managing their finances; and taking a short-sighted approach to financial planning can be as devastating to a farmer’s livelihood as a flood or drought would be to his or her operations.

For most South African businesses, the skills development component of the Broad-Based Black Economic Empowerment (B-BBEE) scorecard is one of the most challenging and costly elements to deliver on. However, by strategically combining employed and unemployed learnerships, businesses can secure the most points for the least money spent, while achieving the best return on their training and skills development investment.

In this book, the author provides individual executives with deep insights into how they can take charge of their own careers and strategic capabilities on a journey to the C-Suite and beyond. This profoundly holistic view of executive career development and the inevitable transitions that people experience sets this book apart from any others in its genre.

New year, new dreams, new aspirations, new diets, new action plans, new holiday ideas, new jobs, and typically, also a "new you." We can all relate to the "new year, new you" tagline. A fresh start to get our lives back on track and to live the lives we want to live.

Family-owned businesses make up a significant portion of all businesses registered and operating in South Africa. In fact, family-owned businesses are today recognised as vital participants in, and contributors to, the country’s economy.