Heir not always apparent

The Monash Family and Small Business Research Unit (FSBRU) will host a workshop next week to investigate the issue of succession planning for family businesses.

FSBRU director Associate Professor Rowena Barrett (pictured) said many family-owned businesses were being run by ageing founders and operators who had not adequately considered the complexities of passing on their businesses to successors.

The workshop, to be held on 7 June, will hear from family business owners and succession planning experts and build on existing FSBRU research into succession planning.

"We have already evaluated existing international research and statistics on small business and family-owned businesses, and concluded that most small businesses do not consider the psychological aspect of the hand-over process," Dr Barrett said.

"They need to ask themselves questions such as what is the preparedness of those involved, are the owners ready to let go and are the chosen successors ready to take over?"

The FSBRU, which is part of the Faculty of Business and Economics at the Gippsland campus, will host the workshop, 'Succession planning: why is it important, how can it be done and what help is available'.

The outcomes of the workshop will form the basis of a detailed report on succession planning that was commissioned by management consultancy Linchpin Group Australia.

For more information about the workshop, contact Dr Barrett on 9902 6619, 0416 127 092 or email rowena.barrett@buseco.monash.edu.au.