Family Trusts & Succession Planning
Succession-planning is a critical event and a delicate process in the life cycle of family businesses – especially for those entrepreneurs who strive to leave a legacy for future generations of their family. Now there could be multiple reasons for such an occasion – either it’s a situation where the kids don’t want to follow their parents footsteps, or they aren’t prepared enough to get on with family business at the moment, or they are still in the process and are abroad gaining knowledge of experience to successfully take over the responsibility of running a company. No matter the reason, developing an effective succession plan is an essential part of ensuring the long-term success of any family business and the preservation and maintenance of family wealth. And no matter the complexity, or the formality, with appropriate planning, communication and inter-generational team work, succession planning presents a significant opportunity for a family business to become stronger. The most important aim is to ensure that the challenges and difficulties associated with family businesses are overcome and the responsibility goes in the right hand.
Benefits of services
- Families can benefit from working with an adviser who is competent, experienced and objective, who can support them in making the right decisions for their business.
- The service takes care of a long-term succession plan or identifying any short-term emergency succession requirements.
- The legal requirements and tax implications are important factors to consider in succession planning. We are experienced in providing advice on these matters and facilitating discussions within the family in relation to the advice.
- We facilitate open and honest discussions in relation to family members’ roles in, and aspirations for, the family business going forward.
- We believe in documenting the agreements and decisions that a family makes. This puts the family in a strong position to develop an effective succession plan with no confusion and contradiction.
Finding a clear path to pass on your legacy to the next generation doesn’t have to be difficult; because we make it easy for you. We understand that each family business is different. Each succession plan needs to be tailored to the situation presented and specific steps taken to understand those unique businesses and what support they need in order to be able to put an effective succession plan in place. And we deliver the same. We can help you avoid making short-sighted decisions and creating conflict within your family, we help you strike a health balance between family and business with our collaborative approach – ensuring you reap the benefits of what you have worked so hard to build.