For owner-managed, family or private business owners, a clear succession plan is essential for long-term business growth and wealth preservation.
Without a succession plan, uncertainty and conflict can ultimately endanger the business’ survival. And for family-owned businesses, it can create challenging interpersonal issues and cause disputes between family members.
Succession planning is so much easier when you fully understand your options
Making plans to hand over the business isn’t always easy – you’re naturally protective of something you’ve built yourself or with partners, and are likely proud of. Our role is to help you be proactive and objective in exploring the options for the next phase of your personal and business journey. A big part of this is distinguishing between the business’ needs and your personal plans for the future.
Specialist expertise in succession planning
Our experienced succession solicitors can help you determine what your business needs to continue successfully, and what your personal plans are once you’ve stepped aside from it – and then help you put those plans into action.
Of course, every business is different, but our experience of working with such a variety of businesses, from start-ups to established family owned businesses, means we can offer you informed, pragmatic and astute commercial advice that addresses the issues that matter most to you. Such advice might be related to how you grow the business up to family succession, or preparing for a trade sale, management buy-out or employee-ownership transition.
Understanding your business succession options, preferences and prospects
Whatever your preferred succession options, we’ll provide practical guidance through the different aspects of managing a change of control, such as:
reviewing existing legal agreements that might determine the value of your business
discussing arrangements relating to any business partners or family members that might be involved (where appropriate)
wealth management, and will and estate planning
effective use of all available tax reliefs, such as Business Property Relief
keeping all your legal papers up to date and in a secure place.
A collaborative approach to you and your business’ future success
Our expertise in business succession and wider capabilities means we can work alongside your professional advisors, and if necessary call on our Private Client, Family and Dispute Resolution teams to ensure a seamless, comprehensive service.
Our experience with the sometimes complex dynamics of family succession means we can take a more joined-up approach and anticipate issues before they become problematic. For example, we can help mitigate family disputes by implementing asset protection against divorce, and provide expert support for dealing with powers of attorney and wills.
Why choose Stephens Scown?
As an owner-managed business ourselves, we understand the issues you face and the different options available. We believe in building strong relationships to help us properly understand your personal values and business culture. In turn, we’re better placed to help you overcome the challenges and maximise the opportunities.