01 April 2020

The business of planning for the future

As people journey through the years, there are some key life-changing decisions that are made - their career, marriage, children and then hopefully onto a long and happy retirement.

These are exciting times, which will see life taking a different path and with that change must come planning, in order to move forward in the knowledge that the future is as stable and certain as possible.

Retirement presents a watershed for many. Take someone, or a couple, who have built up their own successful business – they will have worked hard to build a future that has provided well for them and their children.

Wanting to wind down their involvement, they may be considering provision or succession for their children – one who has followed them into the family business, with the others pursuing other career goals. How does the original partnership make plans, is it enough to simply change existing Wills to reflect what they wish on a personal and business level, or is something more required?

Such a couple, wanting to enjoy retirement while keeping a watchful eye on their business for a short time at least, is strongly advised to seek professional help in order to put personal and business matters in order.

As business owners and parents, they must work with their advisers to understand the best way to approach handing over the business reins and the partnership or shareholder/management arrangements that are necessary. They may need to decide on the way they can pass their business onto the interested child while ensuring other children benefit in both the medium and long term.

More often such arrangements start with an initial meeting, before engaging with the family.  Taking account of all assets and circumstances, including planning to support changes on death, incapacity or from family break-ups, as well as provision for grandchildren and the way in which everyone will benefit fairly, is something that takes time to work through with specialists.

This is the beginning of a new decade and perhaps a time when some are looking at succession planning – our advice is to ensure that your future is secure by taking the time now to prepare. Your business and your family will thank you for that.

Lesley Archer, Wilkin Chapman LLP
Need help?

Contact Lesley to discuss this further.

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