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As a family business, the process for succession planning can often become intertwined with personal Wills and distribution of private assets. Especially if a number of your family members work in the business alongside you. To achieve this there are is a business succession planning process and tools which you can use in order to ensure success.
First and foremost, you must identify those members of the family that need to be included in the succession or should receive assets. The bigger your family grows the more careful this distribution of assets must be considered. A particularly important question can leave many unsure how to proceed; that of whether or not you should simply provide for your children, or include grandchildren in the process also. Many people choose to include grandchildren, updating every time new children are born, while others leave it to their children to provide for them.
Ultimately, ensuring that any distribution of assets or business powers – in the event you wish family members to take over key roles in the business itself – is fair or uncontestable is vital. The point of the succession planning process is to ensure disputes do not occur after your retirement or death. So, it is important to inform family members of the key decisions of the succession and confirm that they are on board with your decisions.
There are a number of business succession planning process and tools which you can utilise in order to ensure a successful business succession.
Utilizing the opinion of a Board of Directors, whether a family-owned business or not, can be invaluable guidance for you as the business owner. They can offer opinions and advice outside of the scope of familial ties – provided they are not related – which can often be in the better interests of the business. Ultimately, a Board can help a succession plan become viable in the long term.
A succession plan which is written down is perhaps the most vital tool in a succession process. For many businesses, family run in particular, a mental succession plan is often in place. But, if unforeseen circumstances were to occur then this would be useless and could cause issues for both your business and family. A Will which details both your distribution of assets and business succession, then, is vital to any business owner.
Do you need advice when it comes to a business succession planning process and tools? Our team of talented solicitors in Manchester are ready to discuss your specific circumstances today. Contact us on 0343 507 5151, e-mail firstname.lastname@example.org, or complete our online form in order to receive a call back from a member of the team.
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