Business Succession Planning
Business Succession Planning is vital to ensure that after the death of a business owner, arrangements are in place to ensure that the business can continue, and that the interest of the deceased owner can be properly valued and dealt with.
Where a business is owned by two or more owners, the family of the deceased owner will want to ensure that the value of his interest can be realised. Equally, the surviving owner may want to carry on the business without the involvement of the deceased owner’s family, and want to pay them out while keeping control of the business.
We can assist by putting cross-option trust arrangements in place to achieve this, backed by insurance, so that in the event of the death of a shareholder, his interest can be bought out by the surviving owners quickly and efficiently, without the need to apply for bank funding.
We can also prepare tax-efficient wills for all of the business owners, so that the proceeds of sale of their business interests are not subject to unnecessary inheritance tax charges when their assets ultimately pass in favour of their children.