Posted on 8.8.16
Christian Mancier, head of the family business legal team at Gorvins Solicitors has been featured in an article for Natwest, on the subject of succession planning within family businesses.
The article highlights key issues for family firms such as the importance of succession planning and doing it in good time, when it becomes necessary to look outside the family unit to sustain a firm’s structure, and how some businesses may find this uncomfortable to deal with.
Christian, selected as an expert to provide comment, discussed some of the reasons why family businesses can be reluctant to discuss a plan for succession. He said “In family run firms, succession planning often involves starting awkward conversations with family members who may be reluctant to raise difficult questions. These can include: ‘When will dad step down?’, ‘Which of three brothers and two sisters will get the CEO or managing director role?’, and ‘Where does that leave the rest, given the family dynamics?’”
See our family businesses section for more information, alternatively if you would like to speak to Christian or one of the family business legal team with regards to succession planning, please ring 0161 930 5151 or email your query to email@example.com.