“We treat each family business as uniquely as the individual families involved in it,” Wrightson said.
“To develop a robust plan, it is important to have a comprehensive understanding of a company's current financial position.
“This includes an analysis of assets, liabilities, and current and projected revenues.
“However, financial insight alone is not enough, it is essential to understand the needs, aspirations and goals of the families involved.
“As legal advisors, we help identify the structure of a family business and ensure that it not only reflects the uniqueness of the family business, but also creates and shapes the appropriate legal documents to ensure that the priorities of the business and the families involved in the business are However, individual families' aspirations and wishes for their businesses range from protecting their wealth to minimizing their tax burden to ensuring their decision-making processes.
“By understanding what matters most to your family business, we can define what 'equity' means in a business context and smooth the distribution of business assets and liabilities between generations. This can save you time, money and stress if you are a family-owned business and have not received legal advice before a catastrophic or fortuitous event occurs. Possibly.
“For family businesses, prevention is not only better than cure, it’s also cheaper and faster.
“Good business succession planning is the cornerstone of business success and preserving value and heritage.
“But a one-off plan is not enough.
“It must be reviewed regularly to remain relevant and effective.
“When major life events occur, such as births, deaths, marriages, separations, divorces, or important business opportunities, plans and business documents need to be reviewed.
“These events often lead to changes in family relationships and business priorities, making it essential to reevaluate strategies and legal frameworks.
“As your family grows, your business strategy evolves, and your economic, legal, and tax landscape changes, your plans are likely to evolve as well.
“By remaining flexible and revisiting your plan regularly, you can support each family member's goals while keeping your business positioned for success.
“Ultimately, effective business succession planning not only secures the future of a family business, but also leaves behind a lasting legacy that can thrive for years to come.”
Crombie Wilkinson Solicitors can be contacted on 01653 600070.
