Sooner or later, everyone wants to retire. But if you own a family business, retirement is not just a matter of deciding not to go into the office anymore. Besides ensuring that you have enough money to retire on, you have to decide what happens to the business:
- Who will manage it when you no longer work?
- How will ownership be transferred?
- Will your business even carry on or will you sell it?
- Do you have a business partner?
- Is your business partner allowed to sell their shares to anyone?
As a business owner, it is quite likely that a significant portion of your personal wealth is tied up in your business, and at some stage, every family owned business must be transferred. While an unplanned transfer, especially if caused by death, could be disastrous for your business, it could also be a potential nightmare for your family.
Business succession and/or replacement planning seeks to manage these issues, setting up a smooth transition between you and the future owners of your business. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved.
Business succession planning is the single most important way to prevent your business from getting caught up in ownership and control issues. If you have partners, it is a particularly important decision to make.
There are many planning strategies business owners can use to transfer a business, and selecting the right one is key to ensure continuing success for your company and security for your family. We provide experienced and practical advice that will integrate your family estate planning and retirement planning needs – with realistic timetable and measurable milestones – to maximize the value of your business and enable it to meet future needs.
- Practical advice
- Timely decisions
- Planned transfers
- Realistic timetables
- Measurable milestones
- Maximised returns
- Full protection
To obtain more information on Business Succession, please contact one of our experienced lawyers. Email us at email@example.com or call +971 4 448 4284.