Instruct a solicitor early for family business succession planning

Succession planning is critical to the future and enduring success of your business. Having spent years working on every little detail, implementing an effective succession plan is the final step to ensuring your legacy and the continuation of your hard work.

As all business owners know, forward planning is essential for business success. Succession planning is not something that can be initiated right before a handover; it requires years of careful thinking and preparation. Instructing a solicitor at an early stage is a crucial part of these preparations.

You and your business

Solicitors play a key role in succession planning. Having a solicitor onboard long before you need to hand over can help you get your business prepared for succession from an early stage. Even if you don’t plan on retiring or passing on the business yet, starting your planning early can build resilience and certainty for the future of your business.

As a specialist private wealth law firm, we work with generations of families to secure your family business for generations to come. We know that your work life is central to your family life – and your family life is at the heart of your work life. That’s why we build in-depth relationships with clients that allow us to advise on all aspects of your business.

Don’t leave it too late

Succession planning cannot be a last-minute job. Handing your business over to someone new – whether a member of your family or not – involves a lot of hard thinking and attention to detail. If you want to achieve a successful transition, it is best to start planning early.

Family business succession planning revolves around preparing the ground for the next generation, ensuring your successor understands their remit and putting certain protections in place to set the business up for the long term and the generations to come.

Family business

Your family is at the heart of your business – when handing down to the next generation, it is not only a business transaction but a personal one too.

That’s why you need a solicitor that can work closely with you to pay attention to you and your family’s needs. We can advise on all legal aspects of succession planning, helping you navigate complex arrangements relating to tax, good governance, business continuity and succession.

Moreover, we will work with you on the details of your business to understand what makes you tick and ensure a smooth continuation of day-to-day operations.

Experts in the room

Our expert corporate team are fully integrated with our trust and estate planning colleagues, allowing us to map out the best solutions for you and your business. Working with a range of professionals, as required, we ensure a seamless service for our clients.

We work with family businesses of every scale, including SMEs and start-ups. Get in touch today to see how we can help you!