Succession and Retirement Planning for Owner Managed Businesses
Creating and running a business can be hard work and rewarding in equal measure. When the time comes to step back and wind down, planning your succession will be critical to both your own retirement and the continuing success of the business.
Supporting your succession strategy
Our specialist team of lawyers have decades of experience advising business owners on their succession plans. We understand the needs of owner managed businesses and support owners with a range of potential issues including managing family dynamics and discussions around who continues to play a role in the business.
Keeping ‘business as usual’ and maintaining stability for those still in the business can involve appointing another majority shareholder to maintain overall control. We advise on the legal documentation and structure to support this as well as communicating your wishes to key stakeholders and family members.
Working closely with colleagues, we support business owners to protect business assets in a variety of situations including claims relating to divorces or disagreements between family members and other interested parties. This often includes support with drafting wills and lasting powers of attorney to ensure your estate passes on according to your wishes and that your business affairs are managed as you intended if you are incapacitated.
We understand the length of time needed to prepare a business for change and will work with you to put an effective strategy in place. From pre-exit tax planning to trusts and family investment companies, we’re with you every step of the way.
Services from our Private Client team
Our Private Wealth sector
Clients who have built a significant assets base may face a complex legal and tax landscape. Our experts, who cover a range of legal disciplines, are on hand to provide specialist legal guidance and support to help individuals, their families, trustees and family offices.
Working with you
As an award-winning firm, recognised in many areas including corporate and private client advice, we have the expertise and capacity to support your needs. Our lawyers are true specialists in their field and work closely with colleagues to provide the support you need as you exit your business.
Business exits often require support from multiple areas including employment, real estate, family, corporate and private client. Bringing in the relevant specialists, we will coordinate everything, so you have a dedicated point of contact.
We have experience of advising businesses in a range of sectors and can also enlist support from colleagues in other teams including construction, agriculture, IP, healthcare and finance.
Our client base is broad, ranging from sole traders to serial entrepreneurs. We often advise founders and business owners as well as individuals and directors with significant stake holdings. We also have the expertise to advise on more complex structures such as partnerships, family offices and the specific needs of agribusinesses.
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