There is more to succession than just handing over the reins to the next generation in a family business or farm. Succession requires planning and commitment and should involve family members as early as possible so that they grow up understanding the culture and essence of the business.
With new leadership comes new ideas and innovation, however, you want to be sure that the next generation shares your values and vision for the business. A solid succession plan will ease any family tensions and give you peace of mind.
Succession planning provides a clear training and development programme for the future leader of the business so that they are in a strong position when the time comes to take up those reins. Succession planning ensures stability, continuity and certainty that your business will be in safe hands and makes the transitional process smooth and efficient. It allows you to plan for your retirement, giving you an income, and you can decide how much influence or control you wish to retain.
It is never too late to start succession planning, but if you fail to do it, then, eventually, someone else, whose vision may be different to yours, will be at the helm which could lead to the business floundering and banks losing confidence in the management of the business.
Our Private Client lawyers will help you reduce any tax liabilities, thereby preserving your wealth, and help create an exit strategy which will address the needs of the business and your family.
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