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Succession planning

Passing on the business to the next generation and planning for the future are arguably the toughest challenges faced by a family business. It is far easier to put off the decision until another day. But when you do, this cannot be a snap decision. 

Yet succession planning can also be a great opportunity to maximize business and tax opportunities and ensure that the business smoothly passes to the next generation and hopefully beyond. You need to make the right decisions for you, your family and your business; balancing the needs of all three. 

It can be made easier if you plan the succession process early, ideally when you set up the business. This should be coupled with sound wills to ensure that if the succession plans are not completed in the owner’s lifetime. The will can complete the succession as planned.

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