Small Business Focus

How to plan the handing over of the family-business to the next generation

Planning for succession is a critical challenge family-owned businesses face.

Successful family business succession planning is also an opportunity to create a multi-generational entity.

The Money Show’s Bruce Whitfield interviewed Johan Blignaut, Managing Partner at Grant Thornton Pretoria, for his weekly "Small Business Focus" feature.

Scroll down for quotes from the audio below.

About 80% of businesses are privately held. Of those about 70% to 80% are family-owned.

Johan Blignaut, Managing Partner at Grant Thornton Pretoria

Family dynamics getting in the way is the biggest challenge many of them face.

Johan Blignaut, Managing Partner at Grant Thornton Pretoria

If you have a dysfunctional family life it is virtually impossible to have a functional business life.

Johan Blignaut, Managing Partner at Grant Thornton Pretoria

Family-owned businesses are the backbone of the world economy.

Johan Blignaut, Managing Partner at Grant Thornton Pretoria

You have to separate the family dynamics from the business dynamics. You need to consider skillsets.

Johan Blignaut, Managing Partner at Grant Thornton Pretoria

A family business is as complex as the people who make it up.

Johan Blignaut, Managing Partner at Grant Thornton Pretoria

You have to pay market related salaries to family members. This must be separate from dividends on equity.

Johan Blignaut, Managing Partner at Grant Thornton Pretoria

Subscribe to our Business Wrap Newsletter

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Building a business is a bloody sport. An entrepreneur shares lessons learned...

Building a business is a bloody sport. An entrepreneur shares lessons learned...

Pavlo Phitidis and Karabo Songo share lessons they learned from the bloodiest of blood-sports.

Wanna be your own boss? Considering franchising? You may want to check this out…

Wanna be your own boss? Considering franchising? You may want to check this out…

Find franchising alluring? It is! But things can go wrong. Bruce Whitfield talks to a franchisee, a franchisor and Pavlo Phitidis.

How to turn (a dreadful) 2017 into a successful year (you’ve got 12 weeks left)

How to turn (a dreadful) 2017 into a successful year (you’ve got 12 weeks left)

Ray White interviews Aurik Business Accelerator founder and small business guru Pavlo Phitidis.

How to make your business more innovative (and what that actually means)

How to make your business more innovative (and what that actually means)

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

How to avoid a horror story when buying software for your business

How to avoid a horror story when buying software for your business

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis.

How to prosper (and stay sane) when running a family business

How to prosper (and stay sane) when running a family business

Tony Balshaw, the man in charge of the Family Business Division at Mazars, gives advice on running a family business.

Popular articles
Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

ANC branch in the Eastern Cape, Z.R Mahabana, has launched a campaign backing Lindiwe Sisuslu as an ANC presidential candidate.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Pamela Nomvete on her downfalls as actress, and 'climbing back'

Pamela Nomvete on her downfalls as actress, and 'climbing back'

This week Xolani Gwala's speaks to former Generations actor Pamela Nomvete for #WhatInTheWorldHappenedTo feature.

[WATCH] New adapted national anthem by students

[WATCH] New adapted national anthem by students

Fees Must Fall activists singing the national anthem with a new melody and phrases calling it a 'decolonised national anthem'.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?