Family businesses
Many of our clients are family owned businesses, typically set up by the parents, or grandparents, of current management. The aims of a family business are very often different to other companies; to provide a good living for all members of the family, and for the business to pass on intact to future generations.
Holding such a business together presents challenges; such as how to choose which child might come into the management of the business and when, how to treat fairly children that do their own thing and how to resolve disagreements between family members.
Passing the company on to the next generation presents new challenges; how to minimise tax, but also how to extract the value you need for retirement, how to pass value on without giving up control until you are sure that the next generation is ready.
None of that is new to us; partners Suzanne Alston, Chris Thomson, Neil Walmsley and Michael Batt have advised on these issues for years. Doing so requires specialist knowledge of legal issues such as tax legislation, the use of family trusts and the responsibilities imposed by company law. It also requires experience of similar situations, and a detailed knowledge of a family’s aims and objectives. We work closely with clients in that way.
Click onto page 2 for examples of recent work in this area.
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