Tax Planning and Exit Strategy
Family-owned businesses form a very important part of the economy in Devon and the UK generally. They can be very successful and profitable, but also face some challenges not necessarily associated with business. Family dynamics play an extraordinarily key part. Handled intelligently, they can contribute to the overall health of the firm. Mismanaged, and they can spell financial and domestic disaster. The stage that often brings about the most grief, is that of business succession. SWLaw has helped a number of family firms through what can otherwise become a traumatic transition. In many cases we find that the older generation is reluctant to hand over the reins. In some cases, marriage breakdown can exert enormous strain. Very quickly, financial, taxation and domestic consequences can accumulate, often threatening the very survival of the business.
Help is at hand, and SWLaw works to understand the complexities of each situation. Our financial advisers and associated solicitors will work to provide expert advice, and set out creative solutions for the difficulties you face.
Issues you may wish to consider:
- How best to hold and manage the capital assets of the business
- How to work out how many members of the family the firm can realistically support
- Providing for family members not involved in the business
- Making sure that the older generation has adequate pension provision
- Working with our associated financial advisers, we can compile a comprehensive package of advice which will enable your family firm to continue and thrive.