According to Sun Life Financial, at least 75% of all businesses in United Kingdom are family owned. And yet less than one third of those businesses will survive the departure of the founder. And one third of those that do survive will not survive the departure of the second-generation owner.
The cause? Poor succession planning. Or no succession planning.
You had a plan when you started your business. Now you need a plan as you hand your business to the next generation. At Equity Advocates LLP, we help business owners plan the future of their business through strategic succession planning. We develop plans that provide for the economic well-being of the leader who is leaving the business, as well as safe-guard the business for future generations.
“I would not hesitate to recommend Alex Rogers to business clients that require a lawyer who can assess complex situations and resolve the issues quickly and efficiently. I will certainly use Equity Advocates LLP again for my legal needs.”
How we help
Succession planning is all about finding answers to tough questions. If you are the founder of your business, we help you answer these questions, and many more:
what are the tax consequences of your succession plan?
are you planning to give shares to your children?
have you considered using a spousal trust to defer tax at death?
are you inviting shareholders to purchase an interest in the business?
have you drafted a formal plan for timing the transfer of ownership?