Business Succession Planning

Planning early for your exit or making provisions should something happen to you – such as a decline in your health or your death – will ensure that your business continues to operate or come to a natural end as you intend.

If you have a stake in a business as an owner-manager, preparing a will becomes all the more important. It can set out who will inherit your interest in the business and ultimately who will take the helm and step into manage the business as a going concern or indeed manage its closure, sale or liquidation.

Many of our clients have dedicated their professional lives to growing and maintaining successful businesses and our team understand the complexities of running a business and the pressures this bestows on business owners to ensure continuity after their exit.

• No matter whether you’re a sole trader, shareholder or owner of a family business, ensuring you have a viable exit option is crucial. We help to dissect your estate, suggest suitable succession options and draft documentation that ensures your business remains in capable hands after your departure. From preparing wills and lasting power of attorney documents, to family constitutions, tax and business plans, we ensure your legacy is protected
• Planning early is necessary to ensure a smooth succession strategy and, if done correctly, to reduce your tax exposure. We help you to understand your options including whether dividends, deferred payments, employee ownership, trusts, or share options are the most tax efficient succession routes
• We ensure that your will works with and not against your existing shareholder or partnership agreements and working in conjunction with our Corporate team, we can prepare cross-over options which clearly outline yours and your business partners’ obligations upon your departure

Our approach 
No matter what your business interests are, we help to ensure you have a robust exit plan, including provisions for after your death. In doing so, you can rest assured that a smooth route to dissolving, selling or continuing your business is in place.

The way we help you
Our business acumen and understanding our client’s needs and goals stands us in good stead to advise you effectively, taking into account your goals, concerns and your business needs. Business succession planning is made decidedly easier if prior agreements are put in place.