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.

Contact us today or fill in our form and we will call you back.

Related Posts

Starting a family using fertility treatment? Your second step should be to consider a Power of Attorney or Living Will

Starting a family using fertility treatment? Your second step should be to consider a Power of Attorney or Living Will

In our last blog (available here) we discussed why it is important to make a Will if you are starting a family.  In the second part of this blog series ...

The ‘Free Britney’ movement: Do Conservatorships exist in Scotland and what are my options?

The ‘Free Britney’ movement: Do Conservatorships exist in Scotland and what are my options?

You may have noticed #FreeBritney trending on social media recently causing you to ask Google ‘Do Conservatorships exist in Scotland?’ Charlotte and Sian discuss the legal concept of a conservatorship, ...

What is a Trust and Why Should I Care?

What is a Trust and Why Should I Care?

So what is a trust and why should you care? Generally speaking, trusts are regarded with much suspicion amongst the general public, however, they can be extremely useful for you ...

Starting a family using fertility treatment?  Your first step should be to put a Will in place

Starting a family using fertility treatment? Your first step should be to put a Will in place

Making the decision to start a family is an important and exciting life event. For some people, fertility treatment will become a necessary part of the process, and if that ...