Succession Planning
Succession planning is one of the most important — and often most challenging — issues facing any family business. Despite their strength and longevity, fewer than 10% of family businesses successfully pass beyond the third generation, often because of the natural tensions that arise between the priorities of the family and the needs of the business.
Balancing family relationships, ownership expectations and the long-term health of the business requires careful planning, clear communication and the right professional guidance.
At Howard Hackney LLP, we have extensive experience helping family businesses navigate these sensitive issues with discretion, empathy and practical insight. As experienced family business advisers, our role is often to act as an independent and trusted sounding board, helping families address both the commercial and personal aspects of succession.
Our approach focuses on creating sustainable solutions that protect both family harmony and business continuity. This often involves developing governance frameworks and structures that support smooth leadership transition and long-term stability.
Typical elements of a succession plan may include:
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Establishing or reviewing shareholder agreements
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Creating family councils or family forums to improve communication across generations
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Aligning succession with broader strategic planning for the business
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Integrating succession with personal wealth planning and ownership structures
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Considering future ownership changes through corporate finance and transaction advice
Because every family and every business is different, our advice is always tailored to the specific dynamics of the family, the ownership structure and the long-term objectives of the business.
Our aim is simple: to help family businesses plan confidently for the future, preserve relationships, and ensure the business can continue to thrive for generations to come.
For further information or an initial conversation, please contact us.