Succession planning is often a concern for family business owners especially where the decision whether to pass the business on to the next generation is not straightforward. This may be because there is no family member willing to take on the responsibility, or no-one within the next generation capable of doing so.
Sometimes unforeseen events can mean these decisions need to be taken prematurely and it is therefore important that succession plans are not put off. We can guide family members through the decision making process and help them with the various practical and emotional challenges they may face.
We have wide experience in implementing succession plans and advising on the impact they have on the structure of the business and on asset management for those remaining in the business. We can also advise on the arrangements to be made for financial independence for those no longer involved.