Accountants for Family Business Succession

You’ve built your family business with passion and perseverance, but, planning for its succession can feel daunting. You likely have concerns about accurately valuing your legacy, negotiating a fair transition, minimising tax implications and ensuring a smooth handover.

At Munro’s, our specialist business accountants are here to support and guide your family through every step of the succession process. We help you secure a future that honours your hard work, so you can confidently move on to the next chapter knowing your legacy is in safe hands.

BOOK A FREE MEETING WITH A BUSINESS ACCOUNTANT

Most Popular Accounting Services for Family Business Succession

Specialist Division 7A Advice

 

From $2,000 (excl. GST)

Division 7A Management (& Fixes)

Succession Plan Development & Implementation Support

 

From $6,000 (excl. GST)

Free Initial Meeting

Profit Improvement Programme

 

From $6,295 (excl. GST)

Profit Improvement Programme

Advice from Accountants for Family Business Succession Planning in Western Australia

The rest of this page is dedicated to providing you with an overview of some of the key steps you must take to successfully transition your family business from one generation to the next. These apply whether you are a family business in Perth, elsewhere in WA or across Australia.

Please feel come to get in touch to experience our professional succession planning help – please book a meeting or send an enquiry.

The Problem

Succession planning for a family business is about legacy, continuity and the hard decisions that come with planning for the next generation. Many business owners worry that without a proper succession plan, their life’s work may face disruption from internal disputes and unexpected tax burdens.

  • Emotional and Operational Stress: The transition can spark uncertainty and family tension if roles and responsibilities aren’t clearly defined.
  • Tax and Compliance Risks: Without careful planning, you may end up with significant tax liabilities or compliance issues at the time of the sale or handover.
  • Loss of Business Value: Poor succession planning can leave untapped potential, meaning you might not get the full value when it’s time to exit.

Our Solution

Our Perth-based business accountants understand that every family business is unique and utilise an approach where they listen carefully, identify your specific challenges and develop a personalised succession strategy that not only protects your legacy but also adds value to your business.

  • Comprehensive Assessment: We start with a thorough review of your business’s financials, operational structure and family dynamics.
  • Tailored Strategy: Using our specialist knowledge, we craft a succession plan that aligns with your business goals—whether you’re looking to transfer leadership to the next generation, skip a generation or implement a hybrid solution.
  • Holistic Business Advisory: Beyond succession, our specialists provide broader business advisory services to ensure you’re not only ready for transition but positioned for long-term growth.

Key Benefits & Outcomes

  • Clarity and Confidence: With a clear plan in place, you’ll know exactly what to expect at every stage of the transition.
  • Tax Minimisation: Our succession strategies are designed to reduce tax liabilities, ensuring more of your wealth is preserved.
  • Asset Protection: We help structure the family business and the exiting owner’s wealth in a way that safeguards assets.
  • Seamless Transition: By aligning family and business interests, our plan minimises disruptions, ensuring a smooth handover.
  • Long-Term Relationships: Our process is designed to build trust over time—we’re here for the long haul, from initial meeting to ongoing advisory support whenever you need it.

Step 1A: Protect the Business & Incoming Owners

✔ Setup for Success
✔ Existing Wealth Protected

The incoming owners need to come into a situation where they can survive and then thrive. They also need to be protected in case something goes wrong.

Step 1B: Protect the Retiring Owners

✔ Security During Retirement
✔ Confidence in Long-term Business Success

The retiring owners will want to pass the business over with confidence in its long-term continuation, whilst also ensuring they have a financially healthy future that is setup in a tax-effective manner.

Step 2: Save Tax & Duties

✔ Bare Minimum Income Tax & GST
✔ Bare Minimum Transfer Duty

Transferring assets and businesses during succession triggers taxable events. Often there are subtle nuances that require forward planning and implementation well in advance to take advantage of whatever tax or duty concessions there may be to legally minimise the tax burden.

For Large Family Groups

✔ Family Constitution
✔ Professional Support

A critical concern when planning to pass your business/wealth down to sons and/or daughters is that they might not be able to preserve and grow it, or family disputes might erode it.

Frequently Asked Questions for Family Business Succession

  1. What is family business succession?
    Family business succession is the process of transferring ownership and leadership from one generation to the next. It involves careful succession planning to manage tax implications, protect assets and ensure a smooth transition of management and responsibilities.
  2. How do you minimise tax when planning for succession?
    Our succession planning incorporates proven tax minimisation strategies such as optimising the business structure, utilising available small business concessions and careful timing of asset transfers. This holistic approach ensures that you pay only what’s necessary, leaving more wealth intact for the future.
  3. Can your succession planning improve my business’s profit potential?
    Yes. By ensuring a smooth transition and protecting your assets, our succession planning helps maintain business stability and continuity. This, in turn, safeguards your revenue streams and can even uncover opportunities for improved profitability through better operational structures and advisory support.
  4. Are your succession planning services only available in Perth?
    While Munro’s is proudly based in Perth, our succession planning services are utilised by businesses across WA and Australia-wide.
  5. What do people say about your family business succession service?
    Our clients have highlighted our specialised knowledge, reliable assistance and peace of mind in the over 100 5-star Google reviews we’ve received.
  6. What is the price for your succession planning service?
    Our pricing is transparent and reflects the complexity of your needs. We encourage you to visit our pricing page and then contact us for a personalised quote.
  7. How do I get started with your succession planning service?
    It all starts with our free Get To Know Each Other meeting. During this initial meeting we’ll discuss your business, family goals and any challenges you’re facing, and begin to outline how our specialist succession planning can help you secure your legacy.

Where To Begin

Get To Know Each Other Meeting

 

FREE (incl. GST)

How We Get Started

Tailored Tax Advice

 

$396-$770 (incl. GST)

Tax Consultation Service

Come Along To An Improve Session

 

First Session is FREE (incl. GST)

Upskilling Event for Business Leaders

Do you have any doubt about your current succession documentation?

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  • ★★★★★ — E M

    Rama and the team at Munro’s provided prompt and thorough crypto tax advice. They are very professional and I highly recommend their services.

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    Thanks Drew and Michael, great job 👍

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    Have been using Munro’s for over 30 years and have been completely satisfied with the friendliness and expert knowledge they provide. I would fully recommend anybody needing an accounting firm to use Munro’s. Well done Simon and the team.

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    Have been using Munro’s for many years now and always happy with the thorough and speedy work they do. Highly recommended.

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    Mike has been most helpful and professional with our accounting, superannuation and taxation affairs. We had transferred some years ago from a less than professional person and now very pleased to be with Munro’s. Congratulations on 50 years and best wishes for a long and successful future.

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    One of the best decisions we made was switching our accounting services to Munro’s. Especial thanks for Saul and Brian for their extensive knowledge, understanding our business requirement, goals and most importantly keeping us compliant. Extremely happy to engage with this organisation and team.

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    My husband and I were looking for some advice on a short time frame with regards to purchasing a piece of farmland. We had an offer in hand and a peculiar clause that we needed advice on. Adam Carter was prompt, detailed and courteous in all dealings with us. He helped us meet our deadline, understand the consequences of each available option and now establish our small farming enterprise. We cannot thank him and the team at Munro’s enough. Highly recommend their services.

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    From QLD was searching for a accounting firm that could easily handle all my tax dealings including crypto transactions and Carl has been very helpful always just an email away to sort out any concerns I might have.

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  • ★★★★★ — Emma Rocca

    Exceptional Professionalism and Genuine Support

    I can’t thank Drew enough for the incredible support he offered during an incredibly stressful and emotional time. His communication was efficient, clear, and refreshingly straightforward—qualities that are hard to come by when dealing with complex financial and legal matters.

    Although Munros were ultimately unable to take on my case due to an internal conflict, Drew still gave generously of his time and expertise without charge. He treated the complex situation with empathy and integrity, when most professionals would have run a mile. His advice and clarity made a tangible difference to both my confidence and the steps I’m now taking to secure a better future for myself and my children.

    It’s deeply regrettable that I can’t continue with Drew as our accountant long-term, because he would’ve been my first choice without question. I would highly recommend him to anyone needing not only expert accounting but also genuine human support.

    Thank you again, Drew — you have been amazing.

    — Emma Rocca

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  • ★★★★★ — Emma Rocca

    Exceptional Professionalism and Genuine Support

    I can’t thank Drew enough for the incredible support he offered during an incredibly stressful and emotional time. His communication was efficient, clear, and refreshingly straightforward—qualities that are hard to come by when dealing with complex financial and legal matters.

    Although Munros were ultimately unable to take on my case due to an internal conflict, Drew still gave generously of his time and expertise without charge. He treated the complex situation with empathy and integrity, when most professionals would have run a mile. His advice and clarity made a tangible difference to both my confidence and the steps I’m now taking to secure a better future for myself and my children.

    It’s deeply regrettable that I can’t continue with Drew as our accountant long-term, because he would’ve been my first choice without question. I would highly recommend him to anyone needing not only expert accounting but also genuine human support.

    Thank you again, Drew — you have been amazing.

    — Emma Rocca

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  • ★★★★★ — Max Smith

    Congratulations on 50 years of accounting. We transitioned from Wesfarmers to Munros and have been extremely happy with the professional, efficient, courteous and friendly service provided by Barry, Simon, Ted, Christine and Noelene during that time

    Looking forward to continuing the association for many years to come

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    We have been with Munros for the life of our farming business. Munros staff are always so polite and helpful. Christine and her team are so professional, knowledgeable and have a thorough understanding of our business and what we wish to achieve going forward. We see them as a vital part of our business. We are very grateful for this relationship!

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  • ★★★★★ — Julie Snooke

    Mike assisted with our farm succession planning. Thanks to Mike’s in depth knowledge on this subject, this process has been smooth and amicable. We highly recommend Mike and his team for family business succession.

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    Just met these guys on an initially consultation call. Can’t speak highly enough about them in the short time I’ve used their services. Their advice on the call and their follow up afterwards is the best I’ve seen. Highly recommend and looking forward to the continuing relationship. Thanks a lot Drew and Cherie.

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    Sorry, I can’t join you in your celebration on 1st September.

    However, I wish to thank you for all your wonderful service for more years than I can remember, especially Simon, Carl and Annette.

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    Many thanks and congratulations to 50 years.

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    Congratulations Munro’s… on your 50th year celebration.

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    Geoff, Doug & Yvonne Harwood

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    Drew and the team at Munros have managed our tax for the past 4-5 years. Drew has the expertise to resolve all our queries and always provides excellent service. We would highly recommend Drew and team.

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    I’m extremely pleased with the services of Munro’s Accountants. They are professional and easy to work with. My situation was not simple yet they completed the task and have provided me with peace of mind going forwards. I would not hesitate to recommend them. AAAAA+++++

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    Munro’s are an honest, reliable, on the ball, and personable business. The family feel engendered has been highly regarded by our family for over 40 years.

    Congratulations on a significant and well deserved creditable milestone, with best wishes for what we are sure will be a successful future.

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    Real pleasure dealing with Munro’s. Drew Pflaum in particular was very helpful in providing tailored advice promptly and professionally.

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    Professional service, very quick & reliable especially when it involves Cryptocurrency. Went out of their way to assist by a deadline that I had & they were happy to accommodate.

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    Drew and the team at Munros have made my cryptocurrency accounting a breeze primarily for tax purposes and to ensure all previous years were reconciled correctly given my previous tax agents literally had no idea despite their knowledge of my crypto holdings for the past 2 tax years. Well done Drew, well done Munros for specialising in this space. Great job!!

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    Friendly staff and excellent service. During the past five years, their team have provided very useful advice on tax savings. Their prompt response and well explanation to my questions are well worth Five Stars. Thanks Josephine, Christine and the team. Highly recommended without hesitation.

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    Professional, insightful and always supporting. Christine and Munro’s has helped me through all avenue’s and queries regarding investment, tax return, property, super and general finance. Really appreciative of their work and highly recommend!

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    We are delighted with the friendly, knowledgeable and efficient service Simon and his team provide.
    We have tested Simon’s patience and humour over the years but he has always managed to come through with a smile.

    Thank you to Simon and his team!

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  • ★★★★★ — Roger York

    Thanks Drew and Munros for helping me with my taxes.

    Highly recommended

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  • ★★★★★ — Ben Soules

    Excellent advice with very skilled accountants. Not too expensive, for such a specialized and sophisticated service. Committed to the customer, always very professional and helpful. Highly recommended!

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