Family Business Accountants and Advisors

Running a family business can be an enriching venture. As your enterprise is your family, you’ll often benefit from consistent values, loyalty, and flexibility. However, like any business, family-owned enterprises will face unique challenges as they evolve and grow. Strategic financial management is crucial to ensure smooth and successful operations despite these challenges.

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Building and protecting your family legacy

The best business structure for your family-owned enterprise depends on its specific goals, size, purpose and the level of control you desire. Thiel Partners has worked alongside families from all walks of life and various industries, so we know that there’s no ‘one-size-fits-all’ solution. Your family’s business is unique, and we’re here to help you craft a structure and strategy that’s a perfect fit.

Your family’s business is as unique as your family itself, and we’re here to help you craft a structure and strategy that’s a perfect fit.

Some of the most common family business structures we recommend include:

  • Sole Trader: suitable for small family businesses with a single owner.
  • Partnership: an option if your family business involves multiple family members and you wish to share personal liability among partners.
  • Family Trust: separates business and personal assets and allows for income distribution among family members, providing tax flexibility.
  • Company (Pty Ltd): limited liability for shareholders and a popular choice for larger family businesses due to its clear structure for succession planning.
  • Self-Managed Superannuation Fund (SMSF): involves strict compliance laws but can be used to invest in and operate a family business.
  • Cooperative: can be beneficial if your family business involves multiple family members who want equal control and decision-making power.

Capital Gains Tax (CGT) strategies for family businesses can help supercharge your financial wins when transferring or selling your assets. Thiel Partners are experts in applying CGT strategies that transform the outcome of your asset transactions, ensuring every dollar you earn stays firmly in your pocket.

Some effective CGT strategies we implement include:

  • Small Business CGT Concessions: to reduce or eliminate CGT tax liabilities, e.g. the 15-year exemption, 50% active asset reduction, and retirement exemption.
  • CGT Discount: if you qualify, you could get up to a 50% reduction.
  • Family Trust: a tax-effective way to distribute capital gains among family members.
  • Succession Planning: gifting assets or using concessional CGT treatments to minimise CGT liabilities when transferring the business to the next generation.
  • Timely Asset Sales: e.g. consider selling assets when your income is in a lower tax bracket or when you have capital losses to offset gains.
  • Record Keeping: maintain thorough records of asset acquisitions, improvements, and disposals to calculate CGT liabilities accurately.

Your family business is more than an investment – it’s a living legacy. Comprehensive business succession planning is the key to preserving this legacy and securing your family’s financial future. We specialise in tailoring unique family succession strategies to guarantee a seamless transition to the next generation or a new business owner.

At our core, we understand that your family’s business is unique, shaped by its own history, culture, and goals. Our intricate yet easy-to-understand plans will cover every aspect, effectively managing your wealth and ensuring a thriving family business for generations to come. We’ve got you covered, from ownership transition and strategic financial planning to legal expertise, leadership development, risk management, and continuity planning.

Rest assured, your unique story and goals are at the heart of our strategy. Together, we’ll secure your family’s financial future and ensure that your business legacy stands the test of time.

Your family business – Our priority

When you partner with Thiel Partners, you’ll experience a deeply collaborative approach that places your needs front and centre. Our team seamlessly integrates with your business to understand your past, present and future. We go beyond merely meeting your expectations – we raise the bar, aiming to evaporate doubt and grow into your full financial potential.

Open and transparent communication

We Integrate With Your Business

Wide Variety Of Expertise

Ready to optimise, protect and preserve your legacy?

Some quick answers for you

A family business is typically defined as a business where a single family or group of related individuals oversee the ownership, control, and management. However, the level of family involvement, governance structures, and business practices can vary greatly from one family business to another. Additionally, some family businesses may have non-family members in key leadership positions or on the board of directors to bring in external expertise and perspectives.

The best entity structure for a family business depends on various factors, such as the family’s goals, the size and complexity of the company, tax considerations, and succession planning. There isn’t a one-size-fits-all answer. It’s highly recommended to seek professional legal, tax, and financial advice to help make the best decision for you.

Open, transparent communication is vital for a positive advisory partnership. Here are a few tips to get the most out of our first meeting:

  1. Write down your clear, desirable outcomes – what do you want to achieve with our advisory services? What areas of your business need extra attention or guidance?
  2. Gather accurate and comprehensive business records and details (including confidential information).
  3. Ensure you’ve noted down any recent changes or transitions within your enterprise.

Family business accountants have specialised knowledge and experience managing financial aspects unique to family-owned enterprises. They can save you time, stress and money during crucial tasks such as succession planning, estate tax optimisation, and navigating complex family dynamics. Additionally, a family business accountant can help you maximise tax benefits, identify cost-saving opportunities, and maintain accurate financial records.