Succession Planning for Family Businesses

Why Progeny?

As difficult as it might be to tackle, it shouldn’t be avoided. Careful succession planning is key to securing the future and continued expansion and profitability of your business, as well as the jobs of those who have loyally worked for the company for many years.

With guidance and support from Progeny’s corporate legal team, private legal team and wealth management team, we can create a highly effective structure to sustain the growth and profitability of your company. We aim to balance the risk while keeping faithful to the family’s vision and values.

Succession planning for a family business is an excellent example of the unique framework of coordinated advice and insight that Progeny offers. Our integrated platform of financial planning, wealth management and legal advisory services was created to meet the needs of individuals, families and businesses.

Offices nationwide

With offices up and down the UK, we offer face-to-face services nationwide. Giving you the opportunity to meet your planners in person to discuss your specific needs.

Regulated by solicitors regulation authority

Progeny Law & Tax are authorised and regulated by the Solicitors’ Regulation Authority, meaning we are dedicated to upholding professional standards within the industry.

Recognised by eprivateclient

Progeny Law and Tax have been selected as one of the Top Law Firms by eprivateclient which recognises the top private wealth law firms and departments across the UK.

How we can help with your succession planning

We work hard to understand our clients’ aspirations to give the quality service and bespoke structuring they require to address their complex needs.

The areas we can provide expertise in include:

Management incentives

Compensation strategies to align executives’ performance with company goals, enhancing motivation and achievement.

Training for the next generation

Educating future leaders on legal principles to ensure informed decision-making and compliance in business operations.

Advice

Providing guidance on effective leadership and managing transitions in business ownership for sustained success

Stakeholder relations

Managing and maintaining positive relationships with individuals or groups impacted by or interested in the business.

Inheritance tax planning and mitigation

Mitigation strategies to minimize taxes on inherited assets, preserving wealth for future generations.

Family councils and transitioning ownership through the family

Organising family discussions and planning for a smooth transfer of business ownership across generations.

Trustee ownership

Managing and overseeing assets held in trust, ensuring legal compliance and proper administration.

Resolving complex issues

In the event of succession issues, we can help with considering the alternatives such as a sale, external investment to release cash or private equity investment.

Management Buyouts (MBOs) or Vendor Initiated Management Buy Outs (VIMBOs)

By utilising the ability of the business to generate cash and for the family to extract that value.

Wealth transition

Planning and managing the transfer of assets and wealth between generations or entities for long-term preservation.

Succession Guides

Guide

Business succession planning | Guide

Building a robust succession plan Careful succession planning is key to securing the future continued expansion and profitability of your business. Wh…

By Alistair Scott-Somers

12th September 2023

Building a robust succession plan Careful succession planning is key to securing the future continued expansion and profitability of your business. Wh…

EU Succession Regulation

Do you own assets outside the UK? The EU Succession Regulation (Brussels IV): effects for UK Citizens and EU citizens living in the UK. On 17th August…

By Frances Davies

30th July 2015

Do you own assets outside the UK? The EU Succession Regulation (Brussels IV): effects for UK Citizens and EU citizens living in the UK. On 17th August…

Frequently Asked Questions

What is succession planning?

Succession planning is the process of identifying and developing internal personnel to fill key leadership and critical roles within an organisation when they become vacant.

Why is succession planning important?

It ensures continuity in leadership, minimises disruption during transitions, and prepares a business for future growth by developing a pipeline of skilled talent.

What is succession planning in family business?

A strategy which may include evaluating the skills and readiness of family members, setting up mentorship and training programmes and establishing governance structures to support the transition. This can also involve open communication within the family about expectations, roles and the future direction of the business.

How does business succession planning contribute to private wealth protection?

Business succession planning helps protect private wealth by strategically managing the transfer of business assets and ownership, minimising tax liabilities and ensuring the financial stability of both the business and family wealth.