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.
Our expertise in advising businesses
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:
- Transfer of shares to family members;
- Employee share schemes;
- Private equity investor;
- Partnership retirement;
- Management buy-out or management buy-in; and
- Trade sale.
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.
Family business succession planning
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 approach to business succession planning
Our specialist Corporate team brings deep experience advising business owners across a wide range of sectors. We offer clear, practical, and highly personalised advice — helping you structure a succession plan that reflects your ambitions and safeguards your legacy.
Working closely with our Private Client team, we provide a fully holistic approach to your family succession planning, covering not just the legal mechanics of succession, but also tax planning and estate structuring, to support your long-term vision.