Family Owned Businesses
How to avoid going from "shirtsleeves to shirtsleeves" in three generations.
Family owned businesses require special consideration if they are to navigate the transition from first, to second to third generation successfully. There are numerous hurdles to overcome. We regularly advise the owners of family businesses and their trustees on the most appropriate structures for holding the business, and the all important issue of maintaining control. We can advise on shareholder agreements and family constitutions, and how best to introduce the next generation into the business.
Tax and divorce are both major risks for family business owners. Our Private Client department is experienced at advising on all aspects of tax and estate planning, ranging from business property relief from Inheritance Tax to drafting tax efficient Wills. Our Family department can advise on how to protect your family business using pre-nuptial agreements, and how to defend your family business in the event of a divorce.
Not all Family Owned Businesses are based in the UK and we are regularly asked to advise the owners of overseas businesses on designing appropriate trust structures to hold their businesses particularly where local succession laws would otherwise dilute share ownership on the death of a major shareholder.
If you are interested in our Private Client Solutions for Family Businesses, please click here
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