If you are self-employed, intergenerational wealth management planning should also extend to the future aspirations for your business. In the past, once an entrepreneur had built a business, they could be confident that their children, nieces or nephews would be willing and able to take the reins. But times have changed.
For owners of a successful family business, there may be an emotional investment in the continuing success of the enterprise, or conversely, they may wish to realise the value they have built up over the years, and look for a buyer.
Another consideration in business succession planning is the future of the enterprise in the event of the untimely death or critical illness of the owner. This, of course, can lead to unexpected or undesirable consequences for those left behind; therefore, a robust protection plan and an appropriately drafted Will* can help avoid any unnecessary fall-out at an already upsetting time.
Whatever your aspirations, by starting the conversation about succession early, the future direction of the business can be defined and planned. Please do get in touch if you would like to discuss your circumstances in more detail.
*The writing of a Will and certain aspects of succession planning may involve the referral to services that are separate and distinct to those offered by St. James's Place. This area of advice is not regulated by the Financial Conduct Authority.