Succession planning

Succession planning is an important concern for owner-managed and family run businesses.

Have you and your partners/shareholders considered what will happen when you or a partner/shareholder is no longer involved with the business? It is vital for a business's stability that you plan for succession.

As a business owner you have many, often conflicting goals. Here are a few examples of fairly typical objectives for an effective succession plan:

  • To give your partners/other shareholders (or perhaps your family who are working in the business) the opportunity to take your place/your interest in the business/your shares
  • To maintain a viable thriving business capable of supporting the needs of the business and the employee workforce
  • To provide you with an exit route
  • To ensure the future of the business
  • To give all concerned a blue print for the future, security knowing that a retirement/succession plan is in place to which all concerned have "signed up"

The future wellbeing or existence of your business may well depend on the legal and financial plans you have or, in some cases, have not put in place during your working life. We have particular expertise with partnership agreements, shareholder agreements, consultancy agreements, wills and trusts and tax planning. 

Nicholas Poole and Anne Elliott have extensive experience of the issues you will need to consider after working with many businesses in Darlington, the North East and further afield. They have the legal expertise to put your affairs in order and secure peace of mind.

Key contacts in succession planning