In our day-to-day lives, we don’t always consider what might happen when we are gone. However, if you are a business owner this is not something that you can ignore in the long run, particularly if it is a family-run business. Comprehensive family business succession planning is vital to ensure harmony in the family once you are gone, as well as the continued success of your business.

At Gorvins, our team of talented solicitors know that planning for after you are gone can be a difficult process to go through. We offer complete advice in order to guarantee your business protection in the long term, even after your death.

Gorvins’ Approach to Family Business Succession Planning

Creating a family business succession plan which is both appropriate to the business and acceptable to your family can be a difficult process to navigate, as not everyone may be happy with your decisions. A transition of power needs to be planned for both your retirement and death, to ensure all eventualities are covered. As such the process can be quite emotional. Here at Gorvins, we understand that it is important to protect both the business, wealth and family harmony throughout this.

One key factor is to start your family business succession planning as early as possible. After all, you will need to meet the expectations of multiple generations whilst also establishing shared, long-term, vision. Understanding and acceptance from all family members is vital in order to ensure a successful transition process. Arrangements need to be made in order to determine the distribution of shares, retainment of voting control, whilst also protecting family members that actually work in the business.

Alternatively, you may also choose to set up a Trust in order to protect your families interest in the long term. They are a popular and effective way to control the distribution of business assets. Trusts also allow for greater control of assets when it comes to multiple generations being involved in family business succession planning.

Ensuring Future Business Protection

Many legal issues can be prevented by having the right legal planning and documentation in place. Over the years, you will have invested heavily in your business in terms of both time and money. Therefore business protection both now and after you are gone is vital in order to safeguard the legacy you are creating.

Creating a Will, ensuring the right family business succession planning is in place and providing for loved ones after your death is a vital aspect of this. Otherwise, your business may become embroiled in a lengthy legal battle if your Will is contested or worse. Preparing for the future, then, is the most important business protection you can afford yourself.

How Can We Help?

For advice, guidance and support in the case of family business succession planning, contact one of our solicitors in Manchester today. We can give you advice based on your personal information and circumstances. Contact us on 0161 930 5151, e-mail, or fill in our online form and one of our solicitors will call you straight back.

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