Transitioning the management and ownership of a family business can be a daunting prospect for all involved. A sensitive and emotionally charged process, it commonly has founders unwilling to let go of control and the next generation feeling the weight of high expectations, it can be a challenging time.
A recent survey of 84 PwC partners who work with billionaire clients found that they ranked succession planning as a likely priority for their billionaire clients in the coming year.
Russell-Cooke Family Office partners Rebecca Fisher and James Carroll comment in Citywealth to outline the first steps of the process, which are often the most difficult. They key, they say, is to have open conversations before they become difficult conversations.
Family business succession: “Neither life nor success can be taken for granted.” is available to read on the Citywealth website.
Rebecca is a partner in the private client group advising families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney. She regularly advises clients including entrepreneurs, business owners and multi-generational family businesses on succession planning, with particular focus on inheritance tax and capital gains tax planning. Rebecca fully understands the unique challenges that family businesses face.
James is the firm's Joint Managing Partner and a partner in the family team. He specialises in the financial and other consequences of relationship formation or breakdown. In contrast with many family lawyers, James' practice is not limited to representing married couples or those in a personal relationship and as such he also acts for other family members, business partners or individuals who own property together or face family related legal issues.