Business Succession Planning at Marshall Wills and Trusts
Safeguarding Your Business for Future Generations
The dedication you've invested in building your business is immeasurable, and it's crucial to ensure that this legacy benefits your loved ones appropriately. Business succession planning becomes essential if you consider selling your business or face unforeseen circumstances like serious illness or death affecting you or a business partner.
Risks of Inadequate Succession Planning
Lacking a robust business succession plan can lead to significant risks:
-
Your family might not inherit your share of the business, losing a vital source of financial stability.
-
The necessity to sell the business could arise, with proceeds potentially exposed to inheritance and capital gains taxes.
-
Proceeds from the business sale could be vulnerable to third-party claims, including divorces, creditors, or long-term care costs.
-
Future legislative changes could impact entitlements to Business and Agricultural Property Relief.
-
Business partners may find themselves unable to purchase the deceased's share, causing operational disruptions.
-
Inexperienced family members might be compelled to run the business, possibly leading to a decrease in its value.
Strategic Solutions for Continuity
At Marshall Wills and Trusts, we specialise in creating tailored business succession strategies that not only protect your business but also secure its continuity and prosperity. Our planning includes:
-
Structuring ownership to ensure smooth transfer and minimise tax liabilities.
-
Establishing agreements for partners to buy shares in the event of a partner's death.
-
Safeguarding against external claims and ensuring legislative compliance.
Start Planning Today
Preserve the value of your hard-earned business and provide for your family's future with comprehensive succession planning from Marshall Wills and Trusts. Contact us to develop a plan that respects your achievements and upholds your business's integrity for generations to come.
"Plan wisely with Marshall Wills and Trusts—because the future of your business deserves as much care as its founding."
© 2024 Marshall Wills and Trusts. All Rights Reserved.