Planning for the future in this way will help you decide whether to create family trusts, instruct professionals to help you invest or help you to provide for charitable causes. Where family businesses are concerned, planning can help you ensure there is a seamless handover to the younger generation.
When it comes to wealth, family structures can sometimes be complicated, for example we are living longer, sometimes with multiple careers or multiple or international aspects to marriages. Your family is unique and our team is there to support you and bring a sympathetic and unbiased perspective to what can sometimes appear to be extremely complex or sensitive issues.
For many family run businesses, succession planning is key to ensuring consistency and continuity. Having a well-thought out succession plan will ensure a seamless transition to the younger generation, with plenty of time for the appointed successor or successors to become familiar with their new role. Having a well-thought out and transparent plan for the future will ensure confidence from existing employees, investors and other stakeholders.
Succession planning in business is a strategy for passing on senior leadership roles (or ownership of the business) to a family member, an employee or management group within the business. The main aim in any succession planning is to ensure continuity of service to your customers or clients and to have a clear path forward for investors and other stakeholders. A Business Power of Attorney will allow you to identify which of your senior management team you would like to nominate to take the helm and make relevant business decisions if you find you are incapacitated for any reason. Our team will be able to help you through the planning stage and advise on implementation and communication of your decisions.
You may also be interested in