The succession of a family business can be a sensitive issue. Giving respect and engaging every generation across the family is usually a process that takes time to develop and create.
Family succession is much more than just preparing a will. And we understand that the family legacy should be more than a dispute. Nobody wants international law firms to be the beneficiary of your estate.
This is where Westcourt is ideally placed to help families in business. Our sole focus is on families and the businesses they own – and that focus brings an understanding to the table that every generation has its own needs and solutions. And our consistency of approach, and the consistency of our leadership team, allow us to approach the family succession over the years with care and respect.
Some families will want to create a part-time family office where family members slowly acquire knowledge and an understanding of the business and investment assets of the family. And that graduated process can require remuneration of family members to acknowledge their time and effort in managing the family business and the family investments.
Suppose your family wants to create a formal succession for the business. In that case, we can also participate through tax-effective family succession structures, including flowering shares, discretionary trusts and pull-apart companies so families can choose to stay together – rather than being forced to stay together.
Suppose your family runs a “spaghetti monster” of tax entities effectively. In that case, entities, we can also approach the family succession with a family charter – where the values and desires of the family are clear, and job responsibilities are outlined. And our approach of a family AGM for these families where the values and “spaghetti monster” of entities are remembered, discussed and slowly developed while acknowledging the different family members and how they impact.
As Westcourt originated from a family business, we have first-hand real-life experience with family succession. And we understand that family succession is not a 17-page document generated in 3 weeks – the family succession occurs over time. And if that time requires a difficult conversation with a family member to clarify a position, we have dealt with those conversations – both delivering, receiving and watching those discussions.
Westcourt is the best choice for assisting family succession. Our specialists’ qualifications in the family business, technical leadership in tax and tax structuring, and global network make us a natural choice for helping in family succession – so call us today to find out how we can help.