Family businesses form the backbone of the UK economy, accounting for over 85% of private sector enterprises. Moreover, they’re also key to the wellbeing and prosperity of their local communities. Unlike corporations, family-run enterprises are defined by their uniqueness (after all, that’s what makes them special). However, most share one key challenge: the line between professional and personal can become blurred.
This is where the right legal advice can be invaluable.
Supporting your family business at each stage of its journey
As your business transitions from one generation to the next, having a dedicated team to support its growth is crucial. Our family business lawyers can support you at each stage of your journey, providing expert legal advice to help you create and maintain healthy business relationships. This includes managing family members who may not be suited to or do not wish to be in the business. along with evaluating all options when they want to leave the business.
Our full-service team will work with you to ensure you make the most tax-advantageous business decisions. We will establish suitable boundaries between management and ownership, split shareholdings fairly amongst family members, and decide how all parties should be remunerated. If a family disagreement or divorce threaten your business, we will also advise you on making the right choices, putting procedures in place so non-family members feel part of the team.
Family business health check
We understand how delicate family business can be. That’s why we can offer you a “health check”. We’ll spend time with you and your management team to review all aspects of your business. This can help us identify potential issues, risks, and challenges before they arise, as well as highlight how to deal with them effectively.
Protecting your family business
Family businesses come with their own unique tax challenges. Our lawyers can guide you through everything – from income and corporation tax to capital gains and inheritance tax. We’re also well-versed in Stamp Duty Land Tax (SDLT) and Land and Buildings Transaction Tax (LBTT). So, whether you're planning for the future or thinking about selling, we’ll make sure you understand your options. Plus, we can help with trust management, along with any employment challenges your family business faces.
Safeguarding your family
If you're a key shareholder or partner, you might be considering a pre-nuptial agreement to protect your family business assets pre-marriage. We can help with that. In addition, if your business is being restructured, we will advise on any tax and family law issues that may arise in the event of divorce.
Shielding your estate
More than simply a business asset, your property is likely a piece of your family's history. We fully understand and respect these deep emotional ties. We will ensure, during succession planning, reorganisations, or sale of the family business, that sensitivity is at the core of our approach.
Securing your assets
No matter what arises, our aim is to preserve the wealth of your family. Being well-versed in succession planning, funding, and corporate governance we’ll ensure your assets are secured. Ultimately, setting up the right business structure is crucial to prevent family conflicts. That’s why we’ll help you establish a governance framework – one that combines efficient management with the right amount family involvement.
