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Business Succession Planning
To ensure that your wishes for your company are carried out in the event of your death, business owners should consider succession planning. The solicitors at JMW have helped many business owners ensure that their wishes are carried out after they die.
Regardless of the structure of your business, our solicitors will provide advice and guidance to ensure your interests are protected. We are experienced and friendly solicitors who will handle your case with the utmost care and diligence.
How JMW Can Help
We draw upon our commercial law experience to draft comprehensive business succession planning documents that protect your interests and aim to minimise the effects of tax as much as possible.
We are also happy to offer regular reviews of these plans to make sure any changes to the business are taken into account. Also, if you want your business to be wound down or split up and sold after your death, we can help put these plans in place.
What is business succession planning?
Succession planning is the process by which a business owner identifies new leaders who can replace them in the event of their death. The process involves identifying the individuals and developing their skills to ensure they are able to fill key roles within the company.
Why is a succession plan important for businesses?
Having a succession plan in place prevents your business from being taken over by someone you have not appointed in the event of your death. It ensures that your wishes are met after you die, and that plans are in place to protect the interests of your staff and profitability.
What type of business succession plan should I have in place?
The business succession plan you put in place following your death will depend on whether you are a sole trader, LLP member, director or partner. For instance, if you are a sole trader, you might want to appoint a special executor in your will to run your business. If there is more than one shareholder, you should ensure a shareholder agreement is in place.
For partners, a key man insurance policy should be in place to allow the other partner to buy your shares when you die. A partnership agreement should also be in place to ensure dissolution does not occur on yours or your partner’s death.
Regardless of the structure of your business, our solicitors are here to help and will provide advice and guidance to ensure your interests are protected. We can also provide assistance in winding down your involvement with the day-to-day running of a company.
Talk to Us
Contact our experienced and knowledgeable team of solicitors today to discuss business succession plans. We are on hand to guide you every step of the way throughout the process.