Passing on a business takes more planning than most expect.
This content was prepared by Bennetts Proactive and is being published by NZ Herald as advertorial.
For many New Zealand business owners, succession planning is something that sits quietly on the ‘someday’ list.
But with an estimated $1.6 trillion expected to transfer between generations over the next two decades, those conversations are becoming harder to delay.
Whether it’s a family business, orchard, farm, investment portfolio or professional practice, succession planning is rarely as straightforward as people expect.
According to Bennetts Proactive director Maria Livingstone, one of the biggest mistakes business owners make is waiting too long to start planning.
“When there is money involved, there can be differing expectations around who receives what, and how,” she says.
“If the plan is to pass your business onto your children, it’s important to make sure that’s actually what they want too. Open communication and proactive planning make a huge difference.”
For Bennetts Proactive, succession planning is more than professional advice – it’s something the firm has recently experienced firsthand.
Following a carefully managed two-year transition, long-serving Te Puke accountant Lance Ewens formally retired from the business earlier this year, with Maria Livingstone and Amanda Hodder stepping into leadership roles.
After more than four decades advising clients through succession challenges, Ewens says time is one of the most underestimated factors.
“Succession takes some time to work through. It doesn’t happen quickly,” he says.
“People often underestimate how complex these situations can become, particularly in family-owned businesses where there are multiple children, differing expectations and significant assets involved.”
That complexity is something Bennetts Proactive regularly helps clients navigate across the Bay of Plenty.
From business structures and tax implications through to retirement planning and intergenerational wealth transfer, the focus is on creating practical plans that support both financial outcomes and family relationships.
Amanda Hodder says many owners also overlook the importance of transition periods.
“The best successions usually happen gradually,” she says. “It gives the retiring party time to step back comfortably, while the next generation or incoming owners have time to build confidence and relationships.”
As accounting has evolved beyond compliance and tax returns, more clients are now looking for trusted advisors who can help guide major business and life decisions proactively.
For Bennetts Proactive, that advisory role sits at the centre of what they do.
After more than 80 years supporting Bay of Plenty businesses and families, the firm believes succession planning is ultimately about stewardship – protecting what has been built and helping future generations move forward with clarity and confidence.
Thinking about succession, retirement or business transition? Contact the Bennetts Proactive team to learn more about how proactive planning matters at every stage of business ownership.