Each family business brings its own unique challenges and opportunities. Not only are there the commercial aspects of a family business to consider, but also the relationship dynamics. While it is often highly rewarding for all to keep the business within the family, disputes have to be handled well and succession planning is key.
How can Thorntons help?
At Thorntons, we work with many family-owned businesses, from landed estates and family farming businesses to trading businesses that have been in family ownership for several generations. We take the time to get to know our clients and their business, in order to be able to give them a proactive and relevant service.
We commonly act for businesses in preparing Shareholders’ Agreements and Partnership Agreements, and drafting 'family constitutions' to provide for wider family input.
We are also experienced in putting into place equity release structures to provide for different levels of family interest and control within business.
Working with our Private Client colleagues, we can offer a ‘one-stop shop’ for you, giving you all the advice needed for planning for the succession of your business, assisting you in pursuing strategies for the minimisation of Inheritance Tax or drafting Wills, Trust documents or Powers of Attorney to protect your business or your family. And with our full services available in each of our offices, you can access the advice you need easily and locally.
Work disputes in a family business can become personal, and very disruptive to the business. In addition, unexpected changes in circumstances, such as divorce, can have considerable impact. In such cases, we can provide pragmatic, sound advice to help move quickly to acceptable solutions for your business and your family.