Business Succession Planning
Your dedicated lawyer will help you through your business succession planning and implementation
Your dedicated lawyer will help you through your business succession planning and implementation
Future Planning - Business Succession Planning
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.
Popular questions
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.
- 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.
Our clients rate us excellent
Sue Greenman
Everything was completed professionally and within my tight time scales. I would like to say thank you and would definitely go back to Goughs should I need help in the future.
Ali McBrine
Thank you Alice Blackmore for your fantastic professional support, with care, compassion and kindness, of our need for explanation and understanding of the system and language in a lot of correspondence. Thank you too for being always being honest and empathic of our feelings.
Andrew Alvis
Another well-managed transaction handled promptly and professionally by Nadine Cook and her team. We have used Goughs before, will use again and would not hesitate to recommend their services to anybody.
Phil Carter
Goughs Solicitors provide a friendly, professional and extremely reassuring service. The whole team, especially Georgina Catlin, are empathetic and provide sound advice when required, you definitely feel you are in safe hands.
Why work with Goughs?
Local since 1882, with an excellent reputation
First-class, effective service
Largest solicitors in Wiltshire
Seven offices throughout the county
Nationally accredited law firm
Recognised by Legal 500 and Chambers & Partners
Why wait? Let's talk
Fill out the form below and we will get back to you!
