For many business owners, their business is more than a commercial asset. It may be the main source of family wealth, the result of years of work, and the future livelihood of employees or relatives. Business succession planning helps decide what should happen to that business if you retire, die, lose capacity or want the next generation to take over.
How Preston Redman Can Help
- Reviewing how your business ownership structure fits your wider estate plan
- Preparing Wills that deal properly with shares or partnership interests
- Advising on succession for family-owned companies
- Working with accountants on Business Property Relief issues
- Considering shareholder or partnership arrangements
- Planning for incapacity through Business Powers of Attorney
- Advising on trusts where appropriate
- Helping families reduce the risk of future disputes
Why This Matters
A business can be destabilised quickly if there is no clear succession plan. Shares may pass to people who are not involved in the company, family members may disagree, or there may be no one with authority to deal with urgent decisions. Preston Redman helps business owners put succession arrangements in place that support continuity and reduce uncertainty.
When to Take Advice
You may wish to speak to Preston Redman if any of the following apply:
- You own shares in a private limited company
- You are in business with family members
- You have a partnership or LLP interest
- You want your children to enter or inherit the business, either now or in the future
- You are thinking about retirement or sale
- You are concerned about inheritance tax on business assets
- There is no clear person to take control if you are incapacitated
Key Considerations
Business succession planning needs to be commercial as well as legal. Preston Redman will look at who owns the business, who manages it, who should benefit from it and how your Will, company documents and tax position fit together. Where tax reliefs such as Business Property Relief may be relevant, we can work closely with your accountant to make sure the planning is joined up.
We will also consider how this area fits with your wider arrangements. For example, a Will may need to work alongside a trust, an inheritance tax plan, a business succession strategy and a Lasting Power of Attorney. Looking at these issues together often provides a better and more practical result for clients.
What the Process Usually Involves
The first step is usually a focused conversation about what has prompted you to seek advice and what outcome you want to achieve. Preston Redman will then identify the documents, information, and decisions needed, explain the likely options, and help you understand the consequences of each route. We aim to make the process feel manageable, particularly where the background is emotional, urgent or technically complex.
For many clients, the most useful part of the process is having the issues organised clearly. We can help you separate the decisions that need to be made now, from the points that can sensibly be reviewed later. Where specialist tax, financial planning or accounting input is required, Preston Redman can work alongside your existing advisers so that everyone is working from the same plan.
Useful Information to Gather Before Speaking to Us
You do not need to have every detail ready before contacting Preston Redman, but the following information can help us give focused advice more quickly:
- A brief summary of your family and business circumstances
- Details of any existing Wills, trusts, powers of attorney or court orders
- An approximate list of relevant assets, liabilities, or income sources
- Details of any urgent deadlines, tax dates, or practical concerns
- The names of any accountants, financial advisers, or other professionals already involved
Why choose Preston Redman?
Preston Redman combines specialist Private Client experience with the reassurance of a long-established Dorset law firm that has helped countless successful business owners both locally and nationally. The firm holds Lexcel accreditation, reflecting recognised standards in practice management and client care. The Private Client team is made up of experienced advisors, including full members of the Society of Trust and Estate Practitioners (STEP), an international association for professionals specialising in family inheritance and succession planning.
Clients come to Preston Redman because they want advice that is technically sound but easy to understand. Our Private Client solicitors take time to explain the legal position, identify the practical choices and provide a clear route forward. We understand that these matters often involve family, money, health and long-term security, so our advice is direct without losing sight of the personal context.
Frequently Asked Questions
What happens to my business if I die without a plan?
That depends on the ownership structure and any agreements in place. The outcome may not match your wishes, which is why a clear succession plan is important.
Can I leave my business to one child and other assets to another?
Potentially, yes. The planning should consider fairness, valuation, tax and control.
Is Business Property Relief automatic?
No. Relief depends on the nature of the business and the assets involved. Advice should be taken before relying on it.
Should business owners have a separate Business Power of Attorney?
Often, yes. It can help ensure someone suitable can deal with business matters if the owner temporarily or permanently loses capacity.
Speak to Preston Redman
If you need help with business succession planning, Preston Redman’s helpful Private Client team can guide you through the options and help you take the next step with confidence.
Call our team today so we can help you with your business succession planning requirements.
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