Your dedicated lawyer will help you through your business succession planning and implementation
Business Succession Planning
What should you consider?
Planning to retire from your business whilst at the same time protecting the reputation and success you have worked hard to build requires considerable preparation. You will need to contemplate who you would want to hand over control of your business to and how you would want to do it.
How can Goughs support you?
The key to a stress free retirement is to plan for the succession of your business early. This gives you plenty of time to adjust the business structure if need be, to recruit others or grow and upskill current staff to eventually take control of your business and to plan for your own exit and retirement.
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about business succession
Succession planning can involve making a Will to set out who you wish to inherit your assets. For complex families and particularly those with high net-worth, there may be additional steps required. This could be creating trusts or family investment companies to protect your wealth for future generations. It may also include the appointment of professionals to assist in the management of your assets. Succession planning will:
- Manage family expectations of their inheritance to avoid future disputes
- Educate the next generation on their future responsibilities and how to manage their large inheritance
- Minimise inheritance tax
- Assist you in deciding how to hand over control of your business
- Allow you to consider the rewards of allocating some of your wealth to charity (find out more of the benefits by clicking here.)
- Give you the opportunity to plan for unexpected circumstances, such as losing mental capacity
The Private Wealth team at Goughs Solicitors, Wiltshire, specialises in advising clients on how best to structure their estates to ensure their wealth is passed down through their family.
A Will may be the most important legal document a high net worth individual can consider and create. A Will sets out how your assets, business, property and finances, will be distributed on your death.
Although, in cases of ultra high net worth estate planning you must have a very clear and comprehensive idea of how you wish your assets to be broken down on your death. A Will is the essential part of the process to ensure this happens.
Goughs Solicitors can offer advice tailored to you and your family to create a Will that suits your requirements. A vague or confusing will may get contested after your death which will ultimately mean further suffering, and financial burden, on those left behind.
I engaged the services of Goughs Solicitors in Trowbridge, in particular Ailie Peacock, to act on my behalf for the sale of my house. Ailie was always clear with her advice, acted in a timely manor and answered any questions I had almost immediately. She was very proactive in dealing with the other parties involved in a slightly convoluted chain.
Ailie also managed a very late request from our buyers with calm efficiency and the utmost professionalism. The end result was a smooth sale and completion, with remarkably little stress on our part. I would not hesitate from using them again.
Clear concise advice
Quick response to e-mails or phone calls. Will certainly use again in the near future. Clear concise advice patiently given!
Mr Ian Liddle
Excellent service as usual.
Superb once again.
Superb once again. Goughs provides outstanding service... professional in getting the job done and conducted with grace and care. Thank you Goughs!
The solicitor I dealt with at Goughs, Rhianna Cole, was an absolute star, I cannot fault her in any way at all. She made everything in the situation I was in so easy to understand, and she guided me through an extremely stressful time, with extreme professionalism, yet a very personal and sensitive touch. Can't big them up enough.
Made first-time buying a (relatively) simple process!
Sophie was very attentive and responsive and understood the need to act quickly in regard to our purchase process. She was diligent with the paperwork and was very easy to talk to and clear at explaining what was required in terms of action from our side and from the seller.
pursuit of excellence.
All were welcoming and pleasant and dealt with my queries instantly. Nadine Cook who handled the conveyancing was absolutely outstanding in her pursuit of excellence. I commend her as one of the best and she has my everlasting thanks
very friendly welcome
Donna was always available on the phone and was always helpful, a very friendly welcome. I had very regular updates and nothing was too much trouble.
Since working with Nadine - excellent service, Thank you Nadine, good service as expected.
Very glad we went with Goughs
Sarah was very thorough and kept in touch with us all the way through the process. Very glad we went with Goughs and hopefully Sarah will be assisting my parents with their property regarding Land Registry
Nadine was fantastic
Nadine was fantastic, by far the best conveyancing process we’ve ever experienced, would recommend her to anyone. She was professional and communicative at all times, thank you
Very happy with the service provided.
Nadine said at the beginning that she was proactive, easy to say, but she proved to be so. She dealt with all matters efficiently by e-mail and e-letter. I also had two face to face meetings and she took the time to explain things clearly which is important. Very happy with the service provided.
Your business succession team
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Your dedicated lawyer will help you plan your tax so your wealth is protected for your loved ones
Your essential guide to estate planning
Make sure to plan for your future and help your family in the best way you can by planning what will happen to everything you own upon your death.
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