Succession Planning & Family Businesses

A business is not made up solely of technical legalities. There are often family emotions and dynamics at the centre and these can just as easily affect a business.

Therefore, it is important to consider the next steps in a business’ strategic plan and how best to future proof its success.

Six Ways to Succession Plan with the Family Business

There are several benefits to putting a Will in place at any age. This can include:

  1. Leave a Legacy of Business Interests. This will ensure that shares pass to the ‘right’ beneficiaries to ensure a smooth transition.
  2. Appointment of a suitable Executor/Trustee. A Will is the only way to ensure that the appropriate person is appointed to represent your business interests.
  3. Trust provisions: From a tax perspective, it may be beneficial to hold business interests subject to trust provisions, which allow your wishes to be met by your Trustees.
  4. BPR eligibility. With business assets, it is always important to consider whether any Business Relief is available or whether any actions can be taken to enhance this relief.
  5. Investment opportunities. It is important to consider whether any investment opportunities may exist which can increase your wealth, whilst maintaining an efficient tax-planning strategy.
  6. Gifting and other tax-saving measures. You must also consider gifts of assets to minimise your own Inheritance Tax liability and allow the next generation to flourish.

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Get in touch with the BTO Personal team. We are here to find the best solutions for you and your family.

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