Business Succession Planning Lawyers

When the time comes to pass the torch, you want your business interests to go to the right people or groups.

At Rowlinsons our specialist business succession planning solicitors can help you effectively prepare for the future of your company.

What is business succession planning?

Business succession planning is the process of preparing for the transition of a business to new owners or leadership. This typically occurs when the current owner retires, sells the business, or encounters unexpected circumstances.

The process involves identifying and preparing successors, defining exit strategies, and making sure the business can continue to operate smoothly.

For owners of family businesses and rural estates, with careful planning, you’ll be able to formulate a framework on how the business will operate to ensure success for generations to come.

Business succession planning solicitors

Rowlinsons Solicitors can help with all business succession matters. We’ll advise you on appointing a successor, minimising inheritance tax or capital gains tax, and providing for other members of the family.

Our expertise has been recognised with the Excellence in Private Client Award by the National Law Society in 2018. Rowlinsons Solicitors was also awarded Highly Commended at the British Wills and Probate Awards 2023.

Our team includes some of the most prominent and renowned Lifetime Planning Solicitors in Cheshire, many of whom are members of STEP (the Society of Trust and Estate Practitioners) further highlighting our technical know-how in this area of law.

We can ensure your estate is effectively structured to make handing over assets to the next generation as straightforward as possible. Get in touch today for a no-obligation chat.

Why is business succession planning important?

Adequate business succession planning is crucial for ensuring the long-term continuity and viability of your business. It helps minimise disruption, preserve the company’s value, and protect the interests of shareholders, employees, and customers.

Having an effective plan in place ensures that your business continues to run smoothly after you’ve moved on. Whether you’re passing on to family members or your business partner, you’ll have peace of mind knowing that the culmination of your hard work over the years is protected.

It’s important to regularly review and update your business succession plan especially during significant changes to the business whether that’s caused by the economic situation or some challenge specific to the business.

When should I start business succession planning?

Starting as early as possible allows ample time to identify and develop potential successors, address any challenges and gradually implement the changes if they need to be made. It also gives you time to develop a comprehensive and effective exit strategy if you decide that cashing out the business is right for you.

You may wish to engage the use of professional advisors such as lawyers, accountants, and business consultants to help you evaluate the business’s readiness for the transition and what steps you need to take. Rowlinsons offers robust and pragmatic legal advice and we can put you in touch with our network of expert advisors.

How to choose the right successor

As the business owner you want to know that the person taking up the mantel will be committed to the continued success of your business after you’re gone. You will need to factor in their skills, experience, leadership abilities, and alignment with the company’s vision. You may want to be involved with training them to the right standard so you can be confident in their ability.

Your business succession options include:

Passing the business onto a family member

This keeps the business in the family. You may have had the advantage of being able to prepare this person for the position for a long time.

Promoting an existing employee to a leadership position

If there is a suitable highly competent individual who already understands your business and is keen to ensure its ongoing success this can be the natural choice for a successor.

External sale

You could sell the company. You might want to invest the proceeds, put them into trust for your beneficiaries, or use the money to fund your retirement.

Employee Stock Ownership Plan (ESOP)

An ESOP involves transferring the ownership to employees through a trust.

Liquidation

You may want to plan an exit strategy where you dissolve the business and sell off its assets.

Why choose Rowlinsons as your business succession planning solicitor?

Our experienced team of succession planning experts is committed to helping you prepare for the future of your company with effective legal advice. We’ll show you how to take proactive measures now so your legacy lives on.

We can help you identify, develop, and prepare the right candidates for leadership roles whether from within your current team or external talent. You’ll get to enjoy the next stage of your life while leaving the business in safe hands.

Contact our Business Succession Planning Solicitors

As a business owner, defending the interests of your company is always a priority. The peace of mind that comes with knowing your succession plan is thorough and tailored to how your business operates and the needs of your loved ones is priceless.

Our Wills, Trusts, and Estate Planning Solicitors in Cheshire support business owners in their succession planning, acting for clients in Warrington, Widnes, St Helens, Chester, and Northwich, from our offices in Frodsham and Sutton Weaver.

If you are looking to plan what will happen to your business in the future, contact us today to begin drafting a strong and thorough plan for the succession of your business.

Call us today for an initial no obligation call or click here for a call back. We also have meeting facilities in North Wales by appointment.