Succession priorities
Explore the family’s intentions for future ownership, leadership and participation. Identify where expectations align and where further discussion is needed before implementation.
FAMILY OFFICE SERVICES / 03
Succession & Risk
Prepare for changes in ownership and responsibility with a plan that connects people, documents and specialist advice.
THE PURPOSE
A clearer framework for the decisions ahead.
Continuity depends on more than a future transfer of assets. It also involves knowing who can make decisions, where essential information is held and how family members and advisers will work together during a transition.
AREAS OF SUPPORT
What the work can include.
Specialist coordination
Bring questions about legal structures, tax, insurance and ownership to the relevant advisers. Keep their responsibilities and the sequence of decisions clear within the wider family plan.
Continuity and dependencies
Identify arrangements that depend heavily on one person. Discuss access to essential records, delegated responsibilities and the practical steps required if that person becomes unavailable.
FAMILY PRIORITIES
When this may be useful.
- A founder or senior family member is preparing to step back.
- Ownership intentions and future leadership roles need to be discussed together.
- Important knowledge or responsibilities are concentrated with one person.
WORKING TOGETHER
From discussion to an agreed plan.
Map the current arrangements and the family’s intended direction. List unresolved questions, identify the specialists needed to address them and organize the work into agreed stages. Revisit the plan as family circumstances and responsibilities change.
Possible working documents
Possible working documents include a succession discussion agenda, a responsibility map, a continuity checklist and a schedule for specialist review. Legal and tax implementation requires the relevant professional advice.
The scope, responsibilities and terms should be agreed before work begins. These examples describe areas for discussion, rather than a fixed package.