Succession Planning
What is succession planning?
Succession planning decides who will own and run your business or manage family assets when you step back or if something happens to you, and puts the money and paperwork in place to make that possible.
For businesses it often uses key-person and partnership insurance; for families it aligns ownership, nominations and wills.
This page is general information, not legal or tax advice. Wills, trusts and succession arrangements should be prepared with a qualified lawyer; we work alongside your lawyer and chartered accountant.
The risk succession planning addresses
Many businesses struggle or close when the owner dies or falls ill unexpectedly, and families can disagree over who gets what. Planning ahead protects both the business and the relationships.
Without it, you could face
- The business stalling without its key person
- Partners unable to buy out a share
- Disputes between heirs
- Assets sold in a hurry at a poor price
What succession planning gives you
-
Key-person insurance
Money for the business if a founder or key person dies.
-
Partnership protection
Funds for surviving partners to buy out a deceased partner's share.
-
A clear handover
Who takes over, and when, agreed in advance.
-
Family harmony
Clear arrangements reduce the risk of disputes.
-
Nominations aligned
Policies and investments that match your succession plan.
-
Reviewed regularly
Updated as the business and family change.
Is this right for you?
If any of these sound like you, a short conversation with us is a good place to start.
Ask us a question- Business owners and partners
- Family businesses
- Professionals with their own practice
- Families with property and several heirs
Consultation, comparison, planning and ongoing support
For business owners, we look at who would run or own the business if something happened to you, and use key-person and partnership insurance to provide the money that makes a smooth handover possible.
For families, we make sure ownership, nominations and insurance support your wishes, and work alongside your lawyer and chartered accountant on the legal and tax side.
-
Consultation
Your business, family, assets and wishes.
-
Comparison
Key-person, partnership and life cover, and how each would work.
-
Plan & set-up
The right policies and nominations, alongside your lawyer and CA.
-
Ongoing support
Keep the plan aligned as the business grows.
Succession Planning: common questions
A life policy taken by a business on a person it depends on. If that person dies, the payout helps the business cover lost income, repay loans or find a replacement.
Each partner can be insured so that, if one dies, the others receive money to buy that partner's share from the family, keeping the business running and the family paid fairly.
Yes, for agreements, wills and any trust. We work alongside your lawyer and chartered accountant on the insurance and investment side.