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Business succession planning
Rural enterprises are usually more than just businesses. They’re a way of life for families and a legacy to pass on to future generations. That’s why it is important to protect what you have and get it in the best possible shape for others to take over.
Our lawyers specialise in advising rural businesses like yours. We’ll help you look to the future and plan for when you’ll no longer be at the helm. There are big decisions to be made, and our team will work through them with you. When will you step away from the business and on what terms? Under whose control will things continue, and how? How can you best preserve the wealth you’ve generated? How will you be able to limit tax liability?
They’re all questions that need addressing as you wind down. And the answers have huge significance for the rural business you’ve been running and for the other people involved in it.
We’ll make sure that your succession arrangements are workable and efficient. As part of this, we’ll advise you on creating lifetime gifts, setting up trusts and arranging your Will to minimise your tax liability and the inheritance tax burden passed to others. We’ll also help you handle the people side of things – identifying the business’s next leader, structuring the management team, dealing with sensitive situations. It all needs to be thought out.
Good succession planning is about two things: paving the way for your safe exit from a business; and ensuring that you’ll leave it in good hands. Our support has helped rural business owners across England and Wales achieve just that.