Growing & Protecting your Family Business

If you are part of a family business, you will know better than most that it comes with its own unique set of challenges. No two businesses or families are the same; which is why you need legal advisers who are sensitive to your requirements and have the specific skillset to help you maintain healthy business and family relationships. You need advisers you know will help your business grow as it’s passed from generation to generation.

As a law firm that was founded by the MacRoberts family in 1861, and ranked as Business Insider’s top-performing SME, we believe we have the empathy, understanding and legal expertise to help your family business flourish.

We can help you:

• Create healthy business relationships (which means healthy family relationships too)
• Manage family members who are not suited to/do not want to be in the business
• Evaluate all options when family members want to leave the business
• Make sure business decisions are made in the most tax advantageous way
• Establish the correct boundaries between management and ownership
• Split shareholdings fairly amongst family members
• Decide how family members should be remunerated
• Make the right choices when family disagreements or divorces threaten your business
• Put procedures in place so non-family members feel part of the team
• Decide whether your business would benefit from independent non-executive directors

Take advantage of our health check  

Our dedicated family business team offers all our clients a “health check” where we will spend time with you and your management team to look at all aspects of your business in order to identify potential issues, risks and challenges before they arise, and to highlight how any current difficulties could be dealt with effectively. For more information, send us a quick message with your details.

Protecting your business

You want your business affairs to be in safe hands. Would it reassure you to know that we are one of only six firms in Scotland to have an in-house tax group ranked by Chambers and Legal 500 (the legal industry’s guides to the best law firms and lawyers)? The tax aspects for family businesses are unique. Income tax, corporation tax, capital gains tax, inheritance tax and stamp duty land tax preparation can all be required, sometimes in one go! We can help with all of these and provide advice on the tax consequences, should the family business be sold. We can also help with trusts and the unique employment issues that can arise in a family business.

Safeguarding your family

No one enters into marriage or co-habitation with the intention of divorcing or separating, but these things do happen. Major shareholders or partners in the business may want to consider a pre-nuptial agreement to protect the assets of the family business that were in place before marriage. We can help with that. Equally, if someone is reorganising the business, they should consider not only the tax implications of this, but also the family law issues that could arise in the event of a divorce. We can help with that too.

Shielding your estate

Property is often one of a family business’s key assets. In many cases, the property is being used as a home, business accommodation or it might be generating rental income, each of which bring different legal requirements. Issues can arise during succession planning, reorganisations or sale of the family business. We can help guide you through this sensitively as emotional attachments can be strong if the property has been in the family for generations. Our team has vast experience in the property cycle from start to finish, including freeholds, acquiring and terminating leases and the buying and selling process.

Securing your assets

One of the most sensitive times for a family business can be during a generation change. Many questions can arise such as ‘How will we fund the retirement of the previous generation?’ and ‘Will the previous ownership structure still suit?’. We have vast experience in succession planning, funding and corporate governance to help preserve the wealth of the family during all situations. We believe the best way to avoid family conflict is to have the right structure in place. To achieve this, we can help create a governance and constitutional framework that balances effective management with the right level of family involvement. Creating family charters and agreements also ensures people can have their say and that there are guidelines in place, should disputes arise. And, should discussions get tough, we have a team who specialise in dealing with and preventing conflicts.

Future

We can help you plan and prepare for what is to come. Wills, pensions, powers of attorney, guardianships – our Private Client team can put your mind at ease to let you focus on your business and family.

Arguments

There don’t need to be any. If you are going through a difficult separation, perhaps involving children, we can advise on all aspects of Alternative Dispute Resolution including mediation, collaboration and arbitration.

Marriage

No matter how complex financial matters may seem, we can help you protect your wealth or secure your fair share. Deciding and agreeing child arrangements in a way that safeguards relationships and preserves harmony for the family can be especially challenging when a relationship breaks down. Our team specialises in making this easier for you.

Inheritance

Birthrights and heirlooms are common in family businesses which have been operating for generations. We can help you protect what you are entitled to and work with you to resolve any disputes.

Litigation

While we make every effort to avoid resolving issues through the courts, if court action is unavoidable, our effective and experienced family law litigators fight tirelessly on our clients’ behalf throughout the entire process.

You

Everything we do is focused on and tailored to your unique circumstances. We can provide a customised solution and package which ensures all aspects of your family business are protected.