Business Succession Planning - Everything you need to know:
Private Client work used to be called Wills & Probate. But the different types of work our Department does has expanded and so the name changed.
Rather than just Wills and Probate, we also specialise in tax advice, trusts, and mental capacity work such as Power of Attorney, and working with the Court of Protection.
Specialising in these different areas allows us to approach situations differently.
An example of where this helps us to properly advise our clients is in business succession planning.
There are so many things to think about, so here are a few quick tips:
- 1. If you've got business partners, discuss your succession planning with them first. Have they made any plans themselves? How will their succession plans fit into yours?
- 2. Then discuss your succession plans with family members. Which ones want to be involved in your business and which do not? Can they work together?
- 3. Where family members do not want to be involved in the business in a practical way, consider the alternatives. Check life insurance policies so that each business partner has the funds to buy the family out.
- 4. Make a Will. This will ensure the success of your plans; otherwise your business might end up in the wrong hands.
- 5. Choose your Will executors and trustees carefully - you'll want people who will ensure the smooth transition of your business from your estate to your beneficiaries. They need to be people you can trust to make decisions in the best interests of your family and your business.
- 6. Review your legal affairs and succession planning regularly.
It's also important to discuss these plans with your accountant, financial adviser, and Solicitor to make sure you get all the relevant advice from all the right people.
What this should do is give you the peace of mind that if something happens, your business will continue to run as smoothly as possible. And your family, at a difficult time, will have one less thing to worry about.
If you want to know more about Business Succession planning, please get in touch.