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Private or family-owned businesses may benefit further by preserving harmony within the family. This principle is applicable to all private, owner-managed, or family-owned businesses, regardless of what business vehicle has been adopted, e.g., sole trader, partnership, or limited company.
TWM’s Corporate solicitors understand the complexities involved in transitioning your business to the next generation or new ownership. With our expertise and personalised approach, we help you navigate the legal intricacies to ensure a smooth and successful succession process, including the following exit steps:
Succession planning requires a strategic, long-term approach and, so that it can be done successfully, it needs to be an integral part of a business’ strategy and operations long before any anticipated exit. With advanced planning and professional advice, you will be better placed to achieve both personal and business goals.
If succession planning within a family-run business involves transferring the business to family members, rather than to third parties or another form of exit from the business, the earlier you start to plan the better. We recommend you engage the assistance of a qualified professional advisor at least 5 years prior to the anticipated exit.
Our specialist Corporate team has extensive experience in advising clients on business portfolios, how to best structure an exit and facilitate the continued growth of a business even after exit.
We are experts in helping businesses of all sizes and in all markets, providing practical advice that is bespoke to your business needs. We will work alongside our colleagues in TWM’s Private Client department to provide a holistic approach to your family succession planning, including tax planning advice.
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City-quality advice at regional prices – highly specialised solicitors offering expert advice and representation at competitive regional prices.
Solutions-oriented – we go beyond legal advice to provide practical personalised solutions and strategic commercial insights.
Accessible and responsive – easily accessible and responsive, ensuring you receive timely and proactive advice, when you need it.
Transparent pricing, no hidden fees – expect upfront pricing for your peace of mind and financial clarity throughout a matter.
Full service support – comprehensive legal services for every stage of your business, supported by seamless collaboration across our specialist teams.
Trusted by clients and professionals – our track record speaks for itself with a strong reputation for achieving outstanding results and high professional rankings.
Please click here to view details of our Business Law Pricing Information.
The type of exit will be entirely dependent on what you want from the company, including the extent of equity, the future continuity of the business and whether the company currently has a second-tier management team that would be in a position to take over the running of the company.
Efficient and effective succession planning is crucial for your exit strategy. Your plan requires careful consideration and ideally should be planned several years prior to your anticipated exit.
The earlier you plan your exit, the more opportunity you have to carefully put measures in place that facilitate the right exit strategy for you. This includes setting up employee share incentives, hiring or training the next management team who may take over, and having discussions with family members about the company.
There are several factors to consider during succession planning, including:
The responses to the above may impact the route of exit you may wish to take and will form fundamental aspects of any succession plan.
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