Succession is a real issue for family-owned businesses. We recognise that family business 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 succession planning, having been mulled over by the family for a number of years, may often need to be implemented in a short timescale due to external factors such as tax and the circumstances of individual family members.
We have developed 6 top tips for family business succession planning to help with the transition to the next generation.
Succession does not happen in a vacuum and will affect many aspects of your business, such as corporate structure, individual estate planning, and land ownership to name a few. We have family business succession planning experts in each of these specialist areas, on hand to help you find the right solution.
We will work closely with your family 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 succession planning is at, talk to us so we can share our sector experience with you. It is never too early to start thinking about succession planning.
They understood how to balance the need to deliver a result with the need to keep family members on board.