Our unique Family agreement has been developed by our family business team to meet the needs of our family business clients.

The Agreement assists those involved in the running of the family business by setting out in one document how their family business operates.

This reduces the risk of a dispute arising and, in the event that it does, it ensures that a procedure is in place to allow the sensible resolution of the dispute in a manner which minimises the upset for individuals and disruption for the business.

If the family feels that they would benefit from having a Family Charter, we look at as part of the preparation of the Family Agreement, often including in the Agreement. We believe that the Family Charter and the Family Agreement work best together.

Each family business is different and the essential elements of the Family Agreement can be tailored to suit the needs of each business.

"Take your time, discuss with the whole family and make it count"

We encourage families to engage all family members in the process of preparing a Family Agreement from the start of the process, to ensure that all family members have had their say and believe in and are committed to the agreement. VWV recognise that the family are likely to need support throughout the process and that the process is likely to take some time to complete.

"a living, breathing document"

The support of all family members will mean that the Family Agreement will be an invaluable tool for the business.

We understand that things change as time moves on and therefore we recommend reviewing your Family Agreement regularly.

Family Charter

Each family member will have a differing role in the family and in the business, and our experience has shown us that tensions can arise when viewpoints differ on each person's role.

Family Charters set out the principles by which the family operates the business.

The task of preparing a Family Charter is in itself an invaluable exercise for a family because it enables the parties to share their views on the roles each party plays and also the essential values underpinning the running of the business. Any difference in views will be flushed out at this stage and can be discussed in a constructive manner in a controlled environment.

We can advise on the form of the Family Charter and its relationship with other family documents. Perhaps more importantly, we can support you in the process of discussing the Family Charter as a family.

Governance

"Get the proper governance structure in place and you are well positioned to achieve commercial success and strong, positive family relationships."

Governance is an important issue in any business. Add in family relationships and the importance of having sensible governance structures in place becomes crucial to the smooth running of the business and the fostering of healthy, productive and rewarding family relationships.

In order to ensure that the governance procedures reflect the needs of the business it is important to spend time finding out what each family and non family member feels in terms of the focus for the business and their individual expectations.

We can guide you through this process, providing support in addressing the key issues and also providing project management skills to help you achieve your objectives.

Succession

Succession is a real issue for family businesses. We recognise that succession planning is an ongoing process and often needs to be considered in a number of stages.

We also recognise that the practical elements of a succession plan, having been mulled over by the family for a number of years, often need to be implemented in a short timescale due to external factors such as tax and circumstances of individual family members.

Succession does not happen in a vacuum and will affect corporate structure, individual estate planning, and land ownership to name a few. Our unique Family Business team means we have family business experts in all these fields on hand to help find the right solution. We also work closely with the business and your specialist advisers to ensure all parties provide input at the right time.

Whatever the family business matter, we are always alive to the question of succession as this impacts on most family business issues, such as shareholder agreements, reorganisations and recruitment.

Whatever stage your family business is at, talk to us about your succession planning. It is never too early to start thinking about succession.

To discuss any of the above, please contact Nicholas Smith on 0117 314 5470 or Emma Fordyce on 0117 314 5354.