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Why do I need to engage in business succession planning?
If you own a family business, retirement is not just a matter of deciding to swap the office for the golf course. Besides ensuring that you have enough money to retire on, you must decide on what happens to your business, for example:
- Who will manage it when you no longer work?
- How will ownership be transferred?
- Will your business even carry on or will you sell it?
- If you have a business partner, can they sell their shares to anyone?
As a business owner, it is quite likely that a significant portion of your personal wealth is tied up in your enterprise, and at some stage, every family-owned business must be transferred. And an unplanned transfer, especially if caused by death, could be disastrous for your business, and cause untold stress and worry for your family.
What are the advantages of succession planning?
Business succession and/or replacement planning seeks to manage these issues, setting up a smooth transition between you and the future owners of your business. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved.
Business succession planning is the most effective way to prevent your business from getting caught up in ownership and control issues. If you have partners, precise succession planning is imperative.
How can we help?
There are many planning strategies business owners can use to transfer a business and selecting the right one is vital to ensure continuing success for your company and security for your family. We provide experienced and practical advice that will integrate your family estate planning and retirement planning needs – with realistic timetables and measurable milestones – to maximise the value of your business and enable it to meet future needs.
If you require legal advice related to succession planning for your business, please contact one of our commercial law team at TWS Legal Consultants to make an appointment: