Succession Planning Solicitors

While not often the top priority for those running a growing, productive and busy company, succession planning is something that should be addressed.

It is common knowledge that business owners tend to spend so much of their time focusing on the here and now, short term goals and bringing in more business to support its growth.

What about thinking ahead to the future and what will happen to it after you’re gone, or if you lose capacity to keep working? Perhaps you want the business to pass through your family, to go to a business partner, or maybe you have other hopes.

Whatever the long term future of your business looks like to you, it is strongly recommended that you consider speaking with succession planning solicitors to formalise it.

Just as you would plan ahead when writing a will or estate plan, the same should be done for your business.

Strong corporate expertise and vast experience in estate planning and asset protection come together to provide a top class succession planning service at Slater Heelis.

Contact our team to get your succession planning underway using the form opposite. Alternatively, you can call us on 0161 969 3131.

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Considerations for Succession Planning

Ahead of your meeting to discuss the future of your business, there are a few key elements to consider. Our succession planning solicitors will, of course, explore this sensitively with you and offer guidance and solutions.

There is a large breadth of options and it may well be worth discussions about the future with your family or business partner to ensure that all parties are on board.

The last thing you would want is an acrimonious dispute over who controls or owns your stake in the business.

Benefits to Succession Planning

Having discussions with your family about their future as well as that of the business could instil further determination for them to help the family business to thrive.

Depending on the structure of the business you are involved in, there may be scope for inheritance tax relief. To benefit from this, plans do need to be strategised and put in place well in advance. Find out more about what happens to your business when you die over on our blog.

By benefitting from the cross-departmental guidance of our corporate and estate planning specialists, you can be confident that all bases are covered in a succession plan.

Avoid leaving a dispute behind; make provisions so that relations between your family and your business, and your legacy, can continue amicably.