Tax Planning and Exit Strategy
Family businesses are a key part of the national economy, and nowhere is this more the case than in Devon where this sector is particularly buoyant. While family owned and run businesses are often very successful, they do face some challenges that other business generally do not.
The dynamic between family members is usually key to the success or failure of this type of business and this must be managed carefully. Handled well, good family relationships can benefit the overall health of the firm, but if mismanaged they can lead to significant business and personal problems.
Often the point where family conflict is most likely to cause serious problems is around the issue of business succession. Because most family businesses are driven by one or two leading family members, if one of these retires or passes away, it can create uncertainty and tension, and even lead to the failure of the business if a proper succession plan is not in place.
It is often the case that the older generation involved in a family business are reluctant to hand over the reins to younger family members. It is also common for marriage breakdown to place significant strain on relationships key to the business. This can very quickly lead to serious financial, tax and personal consequences that can threaten the survival of the business if not correctly dealt with.
Our solicitors and financial advisors have helped many family firms to deal with these issues over the years. We can help you put in place measures to minimise the risk of any negative consequences during a business succession transition, as well as assisting you with resolving any conflicts that do arise.
For help with your tax planning and exit strategy, get in touch with our expert legal and financial planning advisers in Devon now by calling 01752 205202 or using the enquiry form on the right.
Our legal, tax planning and exit strategy services
We understand that each business and family is unique and that you need tailored legal and financial advice to ensure your best interests are protected and that your business can survive and thrive.
Our solicitors and financial advisers will take the time to understand the complexities of your situation, providing expert advice and creative solutions for the issues you face.
We can assist you with issues including:
- The best options for holding and managing the capital assets of your business
- Providing for family members including those not involved in the business
- Planning for the older generation of your family to achieve financial independence from the business
- Comprehensive advice to help your family firm continue and thrive
Get in touch with our legal, tax planning and exit strategy team
For help with any aspect of legal, tax planning and exit strategy for family business succession planning, speak to our legal, tax planning and exit strategy solicitors in Devon now. You can call us on 01752 205202 or using the enquiry form at the top of the page to ask a question and we will get back to you quickly.