Your business and wealth are not just for the present. They are also a legacy for your family and their future. Many family businesses that exist today have been passed down from their founders to succeeding generations.
Having the right succession plan in place is crucial to ensuring that a business can stay in the family’s hands, with the people who will serve it best.
Appropriate legal structures and tax planning have their place in ensuring succession planning. However, at the heart of the planning there must be a clear understanding and agreement amongst the family members about what they wish the succession planning to achieve.
A common agreed goal should have the aim of maintaining family relationships outside the business. The best outcome for the family’s succession plans can only come through good communication amongst family members.
Developing trust and confidence amongst the family is vital for any plan to succeed. The aim is to ensure that all family members know where they fit in to the plan.
Paul’s broad and extensive experience with family companies, together with his mediator background, allows him to support families in their discussions for the future of their businesses and for wealth succession.
If you would like to discuss with Paul how he could assist with your succession plans please call him on 07951 764789.