Family Business Succession Planning Uk

Our multi disciplinary team specialises in all aspects of business and family law.

Family business succession planning uk.

Succession planning for a family business the transition of a closely held or family owned business is an important event for such clients and must be planned for accordingly. No two companies or families are the same but wates the wholly family owned construction services and development group provides a good example of how imagination and forethought can help to fashion a tailor made succession plan. That s despite the fact that nearly two thirds of this cohort will hit retirement age in the next decade. 58 per cent of family run businesses in the uk do not have any form of succession plans in place according to legal general.

But business continuation can prove a problem for many. We never forget that balancing business and family interests can be a juggling act. Balancing family and business needs to draw up a fair effective and tax efficient exit strategy succession planning in family businesses nibusinessinfo co uk skip to main content. Family run businesses are everywhere from plumbing and electrical specialists to automotive dealers and accountancy firms.

According to pwc s 2017 family business survey just 13 per cent of family business owners have a robust documented and communicated succession plan in place. Bridging the strategy gap in u s. Our succession planning template helps business owners as they answer questions like who will take over the business how long will it take and what standard operating procedures need to be passed on. Succession planning is a perennial problem for family businesses a 2017 report from pwc called the missing middle.

Business succession planning is critical. Without wishing to drag tired clichés up already handing over your business to the next generation or a third party is very much a case of fail to prepare and prepare to fail. Recent changes to the tax landscape have caused the succession planning strategy to be re evaluated resulting in the need for highly skilled advisors adept in planning. Based on our experience of advising countless family business over the years this article shares a few tips at how to start the discussion and get it right.

They re an essential part of the british marketplace and long may they continue. A business succession plan includes step by step instructions that establish procedures in the event a business owner or key employee leaves the business. From tax advice and setting up trusts to raising capital and succession planning we can provide practical and invaluable advice as your business and family grow.