Succession planning for a family business can be a tightrope to tread. While viewing matters through a fiscal lens is important, you might not want to ignore everything else and let the tax tail wag the dog.
On one hand there is the risk of not doing enough, for example, to make future generations feel a real part of the business. Frustrations can develop as a result of not advancing younger generations into more senior roles. Family businesses may also face the onset of mental incapacity in older generations - perhaps even the death of a key figure - before arrangements have been made to prevent leaving families in difficulty.
Then there’s the other side - creating problematic circumstances by doing too much too soon. Giving mum, dad or grandma’s shareholding or partnership share away could leave them without sufficient income for retirement.
In its June edition, South West business magazine Insider looks at the importance of succession planning for all businesses, whether large or small. It addresses how preparation can ensure the resilience and success of a business – and the protection of its value. Among the business figures and experts sharing their insight with the publication is Thrings’ Stephen Horton, a specialist in succession and tax planning.
Please click here to read the article.
To view our guide to succession planning, please click here.
