After years of working to build up your farm, plans need to be in place to guarantee your family understand what will happen to the business when you are no longer here. By creating a succession plan, you can start the conversation and safeguard the farm and your family’s future.
Douglas Home and Co offer an initial meeting to talk through your business to gain an understanding of your individual position. This will allow us to build a plan that is fair for each member while navigating issues such as Inheritance Tax. Once the process is complete you will have peace of mind that no matter what might happen in the future, the business will be safe, and everyone involved will be on the same page.
At some point in your business evolution, you may need to plan for retirement or wish to sell it on. By creating a succession plan, this can ensure that you consider financial and legal implications, realistic and achievable time frames and choose the successor which is right for the business.
Douglas Home and Co have a team of succession specialists who can guide you through the process, so no stone is left unturned. Our team can discuss sensitive subjects such as how much the business is worth, buy-sell agreements and potentially leaving the business to a driven employee or director. Having this plan in place can allow you to maximise your business value and ensure it is safeguarded for the future.
To start talking about the succession of your business, contact our specialists, Darren Thomson, firstname.lastname@example.org or Sheryl Macaulay, email@example.com or speak to your Douglas Home & Co contact to discuss this further.
"They are a pleasure to work with and I have great faith in their work”
PETER MAITLAND-CAREW, Arkle Recruitment Ltd