Succession Planning

Family businesses often start out as small one-man owner managed businesses, but over time ownership can grow to include spouses, children and their partners.  Unfortunately, in our experience, the governance of the company often does not evolve to take account of the new ownership structure effectively. This can lead to different owners pursuing different strategies, with their vision and purpose not being aligned and disagreement about how to achieve success.  As a result, the growth of the company stalls, family disputes emerge, and the company fails when succession is required as it is unclear who should be taking charge.

Good governance and succession planning are the key to ensuring company growth and longevity. With our combined knowledge acquired from dealing with all businesses from small owner managed companies to FTSE100 multinationals, we are well placed to know what works for the most successful and apply our knowledge accordingly. 

This involves meeting all the owners of the business to understand

  • their level of involvement
  • what involvement they would like – both now and in the future and
  • implementing the changes to ensure that the company is passed on to those committed to operating the company

In this way we can safeguard the business so it can grow to become a family legacy. WTT can ensure all the necessary documents are prepared correctly and that the ownership structure supports the future plans. All this can be achieved seamlessly as part of our estate planning service.

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