Business Succession Planning Lawyers for Multi‑Generational Wealth

What is business succession planning?

Business succession planning is the formal process of preparing for the transfer of leadership and ownership of your business to the next generation or a new owner. Its purpose is to ensure continuity and protect the value of your life’s work.

How is it different from estate planning?

Estate planning focuses on the transfer of personal assets after death, while business succession planning is specifically concerned with the future ownership and control of your company. Problems arise when these two plans are not aligned.

Why must my business and estate plans be integrated?

If these plans are not integrated, they can conflict, forcing asset sales to cover taxes or creating leadership gaps. A single, coordinated strategy prevents these risks.

What is a Family Constitution?

A Family Constitution is a formal document that outlines shared values, vision, and rules governing the family’s relationship with its business and wealth, helping prevent disputes across generations.

When should I start succession planning?

The ideal time to begin is five to ten years before your intended exit. This allows time to structure the business properly, reduce tax exposure, and prepare future leaders.

How do I treat my children fairly if only some are in the business?

This is addressed through estate equalisation strategies, using trusts, insurance, and other assets to provide fair value to non-active children without harming the business.

What is a succession trust?

A succession trust is a legal structure designed to hold business shares, protecting the company from creditors or family law claims and keeping control within the family.

How can I exit if no family members want the business?

Exit options include management buyouts or sales to third parties. A structured exit plan helps maximise value and fund retirement and estate objectives.

How do I protect the business from my child’s divorce?

Directly transferring shares to a child can expose them to property claims. Holding shares in a discretionary or succession trust provides effective protection.

What happens to my business if I die without a plan?

Without a plan, the business becomes part of the estate and may be divided under intestacy or a basic Will, often leading to forced sales, disputes, and instability.

Can I still control the business after succession?

Yes. A gradual transition can allow you to retain control through specific share classes or board roles for a defined period, ensuring a smooth handover.

What is a Family Office?

A Family Office is a private entity established to manage the investments and financial affairs of a high-net-worth family, often after the sale of a family business.

How do you legally structure a Family Office?

A Family Office requires a clear legal and governance framework, including an investment charter that defines its purpose, risk approach, and oversight.

How do we prevent family disputes during succession?

Clear planning and open communication are essential. A Family Constitution combined with fair estate equalisation strategies significantly reduces the risk of conflict.

What is the role of a professional advisor?

A professional advisor acts as the architect of the succession plan, providing objective legal and strategic guidance through complex family, tax, and corporate issues.