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.