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Inheritance and Succession

Planning for the future and a time when we’re no longer around can be difficult to face.  But it is a reality we must face, particularly for business owners.

Succession planning involves planning for the continuation of the business on death, serious illness or retirement of the owners.  In Ireland, 70% of business are family owned and only 30% of these transfer successfully to the next generation.

In considering succession planning for your business, the following options are available:

  • Passing your business to a family member
  • Leadership succession planning with an existing employee
  • Selling your business to a co-owner
  • Selling your business to an outside party

Decision making should be based on the needs and the potential of the business.  If decisions are made well in advance, it can help to avoid emotional decision making and make sure business and family needs are looked after. 

Making decisions at the time of an accident or a death places families in very difficult and emotional circumstances. People may have different hopes for the business e.g. early retirement, expansion or selling.

Review throughout your life as personal life and business life changes, plans should be reviewed throughout your lifetime.  Take advice from impartial outsiders e.g. accountant, solicitor.  Communication is key.

We can assist you with the following:

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