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 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 be coming 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 which 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 specialisted 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?

Take the spam-free* Succession Planning Diagnostic.

Succession Planning Diagnostic

* You’ll receive only two emails, which deliver the results, analysis and recommendations from the diagnostic. You won’t be added to our mailing list unless you explicitly opt-in.

Munro's, where client service matters

Top 2% ranked Australian Accounting Firm

Play Ranking Explained

  • ★★★★★ — Greg Hill

    Congratulation on achieving 50 years in business! We made the move to Munro’s in 2015 and have since received sound professional advice & services for all accounting, taxation, business development and succession planning needs, to us personally, to our family and to our group of companies. We have found your services to be efficient, effective and of the highest caliber. Many thanks from the Hill Group.

    read more
  • ★★★★★ — Ferrante Alvarezdetoledo

    Happy 50 years !!! I joined Munro’s in 1974 just close to when the accounting firm had started, Don Munro was my accountant at the time and helped greatly in all my various problems and successes and he still remained a very dear friend to me; now Simon Strawbridge is looking after me and I can only praise all the work that he has been doing for me not only in accounting, but also in advising my various legal problems and investments.

    I can only say well done to the whole team and hope that I will still be their client in the coming years.

    read more
  • ★★★★★ — Suthee Saisuwan

    Crypto trading is a new thing and I believe, just like many others I had made lots of mistakes not knowing that trading Crypto is a taxable event. Lucky, there is someone knowledgeable about this matter.

    Great education and support in this challenging time I have received from Drew the man!

    The level of communication is top, accurate and precise. They put their heart into the work to help out their client. Highly recommend if you are seeking a Crypto tax return service.

    Thanks Drew the man and Michael.”

    read more
  • ★★★★★ — Robert Klein

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

    read more
  • ★★★★★ — Steve Nunn

    Mike and the team at Munro’s have managed our personal and business affairs for over 20 years consistently achieving excellent results. Now in retirement we continue to be totally confident with Mikes advice. Congratulations Munro’s on 50 wonderful Years.

    read more
  • ★★★★★ — J T

    Drew provided clear and detailed advice on my crypto and personal tax matters, making everything easy to understand. Highly recommend!

    read more
  • ★★★★★ — Shelly Forrester

    At HiscoNFE we use Munro’s for all of our tax and accounting advice and we are always impressed with the quality of their service. The team at Munro’s is extremely knowledgeable, professional, helpful and affordable and Drew in particular is a guru when it comes to anything that involves tax. On the rare occasion where Simon has suggested we get a second opinion for a complex tax matter, the Munro’s advice has always been proven to be spot on! We highly recommend the team at Munro’s and we are very grateful for their support over the last 10 years. Sincere thanks from the owners at HiscoNFE!

    read more
  • ★★★★★ — Kevin Yuen

    Recently when I approached Saul and Drew at Munro’s regarding a tricky cryptocurrency investment situation they were very helpful in assisting. They are very knowledgeable about the area and their insights and recommendations were very much appreciated.

    read more
  • ★★★★★ — David Boddington

    From the small technical stuff to the sage big picture advice, Simon and team Munro’s have been patiently guiding and safeguarding our family’s financial journey for decades. THANKS !! Here’s to the next 50 years!

    read more
  • ★★★★★ — Darryl Chester

    Congratulations on 50 years of accounting.
    Munro`s have managed our family business affairs for approximately 45 years.
    Thankyou.

    read more
  • ★★★★★ — Mike Eames

    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.

    read more
  • ★★★★★ — Philip Maguire

    Our dealings with Drew Pflaum of Munros were a revelation to my wife and I. Never before had we encountered a business accountant with such dedicated commitment to his clients. Drew’s work ethic is outstanding. When we found Drew online we were in desperate circumstances, faced with the loss of our two properties.

    His empathy, hard work, patience and breadth of knowledge was incomparable and took us from despair to hope very quickly. He worked out strategies that bought us time and helped us immensely.

    Without Drew’s input our future prospects were bleak. We’re delighted to have had the opportunity to review our very positive experience.

    read more
  • ★★★★★ — Philip Maguire

    Our dealings with Drew Pflaum of Munros were a revelation to my wife and I. Never before had we encountered a business accountant with such dedicated commitment to his clients. Drew’s work ethic is outstanding. When we found Drew online we were in desperate circumstances, faced with the loss of our two properties.

    His empathy, hard work, patience and breadth of knowledge was incomparable and took us from despair to hope very quickly. He worked out strategies that bought us time and helped us immensely.

    Without Drew’s input our future prospects were bleak. We’re delighted to have had the opportunity to review our very positive experience.

    read more
  • ★★★★★ — Cris Yanez

    Extremely professional, attention to detail and a knowledgeable team. Working with Drew and the team at Munro’s was a pleasure.

    read more
  • ★★★★★ — Asif Raza

    Drew was extremely helpful and professional. Highly recommend!!

    read more
  • ★★★★★ — Robert Elliott

    Brilliant accounting firm I have trusted for almost 30 years with all of my business and personal accounting. Their service is second to none.

    read more
  • ★★★★★ — Donovon Shaw

    Thanks very much Rama & Christine! … and Drew 🙂 Although I’m based in Sydney I have been using Munros’ for my SMSF and other accounting matters for many years now and they have always been exceptionally professional, friendly and knowledgeable. I have great peace of mind knowing they have my back especially with some of my more complicated crypto matters. They are up to date with new regulations, always polite and I feel genuinely care about my circumstances. Being in Perth is actually an advantage for me as I’ve often communicated by email and phone after my normal busy working hours which has proved very convenient. Highly recommended!

    read more
  • ★★★★★ — Moree Grazing Co, Tambellup WA

    We have been clients of Munro’s (and Donald F Munro & Assoc. before that) for more than 50 years and have always found them to be right on point with their advice and work. Nothing is too much trouble to research and the responses always given in easy-to-understand language. We love that the K.I.S.S principle is used (keep-it-simple-stupid!) We can’t thank Simon and Carl enough for the great service that they provide. I have also, in community roles, worked with Barry Virgo and Ian Arblaster over the years on Co-operative business and their knowledge was second to none.

    Thank you and congratulations Munro’s on 50 years + in business.

    read more
  • ★★★★★ — Allison Beck

    Super grateful to Drew and the team at Munro’s for their quick response and helpfulness! I reached out via their website to see about getting a referral for a comparable crypto tax advisor in the United States, as Munro’s seemed to be the best firm I came across in my research. Drew got back to me within hours and was kind enough to reach out to his network for a reputable contact. He directed me to a great firm and was quick, kind, and communicative throughout. Wish we were based in Australia so we could work with Drew and his team for all our tax advisory needs! Highly recommend.

    read more
  • ★★★★★ — D C

    Munro’s is delivering excellent results for me. My initial engagement was a complex situation comprising of many years of outstanding returns in both the traditional and cryptocurrency space. Drew, Sanjay and Saul were able to rise to the challenge and managed the whole process including preparation, lodgement and dealing directly with the ATO. They have always been friendly, responsive, diligent and provide actionable advice based on observations they have made from my data and by also understanding my personal goals and objectives.

    I am confident I have the right team by my side with Munro’s and I highly recommend Munro’s to anyone looking for top quality service and advice.

    read more
  • ★★★★★ — JD Duv

    I highly recommend Drew Pflaum at Munro’s for any matter relating to property, crypto, business tax, etc. I’ve recently met with Drew and he was very diligent and knowledgeable in explaining the best possible options/solutions I have available for my business. Drew is definitely the go-to person for any complex tax matters.

    read more
  • ★★★★★ — Nicholl & Utley families

    We are 3rd generation clients.
    Munros are more than accountants they have a general interest in the wellbeing of our business.
    Munros are forward thinking business organisers and friends
    We wish them well for the next 50 years

    read more
  • ★★★★★ — Jenny Bourke

    We followed Mike Beer when he joined Munros and have been with them ever since. Mike has been a huge help over many years. He is always available to answer even the most basic/ extraordinarily naive questions, and always with a generous and helpful attitude.

    read more
  • ★★★★★ — Jeffrey Chen

    Had run into troubles with my personal tax return and immediately appointed Munro’s to act on this matter. Drew and Adam immediately handled my case and was sorted at God speed. Communication was great with all of them and it was easy to provide them with all the requested information.

    Highly recommend them for all your accounting and taxation matter, including complicated cryptocurrency matters.

    read more
  • ★★★★★ — Jeffrey Chen

    Had run into troubles with my personal tax return and immediately appointed Munro’s to act on this matter. Drew and Adam immediately handled my case and was sorted at God speed. Communication was great with all of them and it was easy to provide them with all the requested information.

    Highly recommend them for all your accounting and taxation matter, including complicated cryptocurrency matters.

    read more
  • ★★★★★ — Justis Blackwell

    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!!

    read more
  • ★★★★★ — Margaret

    Congratulations to Munros on reaching its 50 Year Milestone!  This excellent firm has efficiently handled our Family’s affairs for 45 years, and into its 3rd Generation.

    We have been grateful for conscientious and good advice from Ted and now from Mike.  Roll on the next 50 Years!

    Best wishes from the Hodgson Family.

    5 Stars!

    read more
  • ★★★★★ — Lucas Overman

    The team at Munro’s were incredibly understanding, helpful and professional when providing advice tailored to my needs.

    read more
  • ★★★★★ — Dawn Phillips

    Munro’s have been dealing with our taxes for a couple of years now, and have always been right onto anything to do with crypto and any other aspects of the industries we work in. Always friendly, helpful and professional.

    read more
  • ★★★★★ — Roger York

    Thanks Drew and Munros for helping me with my taxes.

    Highly recommended

    read more
  • ★★★★★ — Joe and Wendy McKinley

    Thank you to all the Staff members of Munro’s who have cared for our business over the last 50 years.
    Always competent and friendly.

    Best wishes for the future.

    read more
  • ★★★★★ — Brad Johnson

    Thanks Drew, your guidance into my situation was very helpful. I’m sure your knowledge and expertise will be required in the future for ongoing decisions. Highly recommended!!

    read more
  • ★★★★★ — Paulo

    Excellent accounting service with a deep understanding of tax implications for SMSFs.

    I was very impressed with Munro’s accounting service. Before I engaged with Munro’s, I met with accountants across Australia, but I decided to go with Munro’s because of their breadth and understanding of taxation.

    Brian from Munro’s was able to quickly and efficiently complete my 2023 tax returns, and also provided additional advice and expertise on how I could better structure my affairs.

    Originally, I briefed Munro’s to wind back my SMSF due to the administrative burden of managing it. However, Munro’s was able to clearly understand my affairs and prepare the tax documentation in a way that reduced the administrative burden. I was so impressed with their service that I decided to continue with the SMSF after all.

    I highly recommend Munro’s to anyone looking for an accounting service with a deep understanding of taxation and SMSFs.

    read more
  • ★★★★★ — Greg Berlin

    Munros have been doing my family tax returns for the past 3 years, and I’ve been nothing but delighted with the service they’ve offered. They took on a relatively complex set of returns, including sharing of CGT benefits between myself and my partner, and did exactly what I hoped they’d do, and more. Not only that, they always went above and beyond to explain what they have done and why, keeping us happy and at ease at all times during the tax return processes.

    And to top it off, their knowledge of the crypto space is phenomenal, as are the tools they’ve developed to report and get the best possible returns with cryptos in mind.

    Give them a try, I guarantee you won’t be disappointed.

    read more
  • ★★★★★ — Tim

    I have been a client of Munro’s for 2 years and am very happy with their service. They have saved me a lot of time, effort, and money.

    read more

read more testimonials

Discover Our Key Services & Solutions

Business Accounting

 

Accounting & Tax Services

Business Advisory

 

Business Advice Services

Asset & Wealth Protection

 

Asset Protection Services

Tell us about your problem and we’ll respond within 1 business day.