Succession
Succession planning and disputes
Business succession should be planned. It requires people to make decisions relating to bringing the next generation into the business. It is important that the next generation know where they stand; either those that will be part of the business in the future, or those that will not. Our team can help you plan your business succession.
Where generational succession is not planned it is often the case that there are fraught disputes within the family as to who gets what. Often these disputes arise on the death of the majority owner and it is the next generation down who have the falling out. We have a specialist team that can not only advise you on the consequences and how to best protect your position but can also help you if you think a problem will arise in the future. Our team can help you to prevent disputes arising in the first place. However, in our experience it is often, but not always, the case that litigation means that the family asset has to be sold.
Partnership continuity is also important. We have experts that deal with planning partnership succession and with the consequences when partners fall out.
Agricultural Holdings Act succession is still alive and kicking and will be for the foreseeable future. For a tenant it is vital that succession to such a tenancy is planned and you obtain advice on how to put yourself into a position so as to ensure that the succession is achievable. This should also help to avoid any challenge to a succession and the costs that would be incurred. For a landlord you need to know whether the prospective successor tenant is properly eligible. In both cases our expertise can help.
