Family Business Solicitors

We understand that for many families, the shared business represents a legacy that can be passed down to their children and future generations to come. Our solicitors are committed to helping you set up a succession plan that prioritises those whom you wish to continue your business following your retirement or passing, whilst legally protecting your business so that it remains within your family.

Some of the benefits of creating a succession plan with our family business solicitors include:

• Minimising inheritance tax on your assets
• Planning for unexpected situations and circumstances e.g., losing the mental capacity to organise your own affairs
• Educating the next generation of your family on their future business responsibilities and how to manage business assets and wealth
• Utilising the expert knowledge of legal professionals to manage your assets and business interests both in the UK and internationally
• Managing your family’s expectations of what they will inherit.

The fact that you may employ family members,  does not absolve a business from having to comply with employment law.  Family business face unique challenges balancing the competing interests of family members against the wider workforce.

Our employment team can help guide you through the potential pitfalls business owners may face.  Our experience includes:

• Managing the breakdown of the employment relationship on divorce or separation.
• Advising the business on how to manage the workforce on a sale or a restructure.
• Defending employment claims.
• Advising on remuneration and bonuses
• Putting in place contracts of employment for family and non-family members of the workforce. 

Disputes arise within all businesses, but disputes within family-owned businesses have several unique challenges. This dynamic means that the operation of the business can severely impact personal relationships and vice versa.

Disputes often arise around succession issues when the next generation of the family begins to take a more prominent role or when ownership is transferred. Planning for succession is of key importance for a family business, but this cannot always eliminate the risk of conflict. Disputes can arise if there is a disagreement on the future course of the business, which family members should work in the business, and how the rewards should be shared.

Our experience is that such disputes need to be addressed quickly, robustly and sensibly. If a dispute results in Court proceedings having to be issued, then the conflict tends to be long, costly and destructive. Irrespective of which side “comes out on top”, the process often has a bruising effect on the business and family relationships.

We have many years’ experience in dealing with disputes within family businesses and several of our lawyers are trained mediators. We can advise and represent you on Alternative Dispute Resolution processes such as mediation, conciliation, arbitration and early neutral evaluation. Ultimately, it’s important to achieve solutions that all parties buy-in to, allows the business to move on, whilst also preserving family relationships.

Examples of disputes that we have successfully resolved include:

• A trading company where one family member had operated the business without reference to other family members.
• A construction company inherited by siblings from their father, where the siblings had opposing views on the direction the company should take.
• A farming partnership where one family member wished to retire but there was a significant dispute as to the valuation of his share.

Prenuptial agreements are increasingly respected by the Courts, provided they are deemed to be fair and logical, transparent in terms of their financial impact, not entered into under duress, and ultimately meet the parties’ needs on separation.

We encourage making arrangements to deal with finances and family business matters pre-emptively with post-nuptials if you’re already married and pre-nups if you are going to be married soon, to avoid complicating matters if divorce does arise.

The Buckles team is happy to help couples who may own a business jointly or where one partner has their own family business organise these agreements, simply get in touch on our dedicated pre and post nuptials page.

Going through a divorce can be isolating and scary time, but when there is also a family business in the mix, this can lead to increased anxiety and worry about the future.

The Court is keen to preserve the financial success of a family business on divorce. Valuations of businesses in this context are generally undertaken to understand the financial liquidity and sustainable drawings of the business rather than to jeopardise its existence, something that is always the concern of a divorcing business owner.

As with all aspects of a divorce, we encourage making amicable arrangements to deal with finance. This can be formalised in a legal document called a Consent Order. If the Judge is satisfied that the financial agreement is fair, he will make the order.

You should both provide full disclosure when outlining your personal finances and the finances of business, regardless of who has ownership.

If amicable arrangements cannot be made, financial remedy proceedings are issued at the Court and a Judge will assist with reaching a financial settlement or, if matters go to a final hearing, make the decision for you.

Divorce can cause a lot of complications for your business as well as your personal life, Buckles is here to support you and your business, always aiming for the fairest outcome.

Whether it’s buying, selling or leasing a shop, office, restaurant or other premises, we can help ensure that your commercial property deals for your family business are organised as smoothly as possible.

We have a vast understanding and knowledge of the pressures on a business brought about by the involvement of family. Such matters often involve wider business issues. We offer a “sectorcentric” approach, liaising with other teams as required, so that you experience a seamless service throughout the property process. Pooling our expertise enables us to deliver a coordinated and holistic approach which is bespoke to you.

For example, our energy and natural resources team enhances its service to multinational groups, investors, and promoters by collaborating with the specialists of our property, planning, corporate and construction teams. Equally, our agricultural team can draw upon our solicitors specialising in tax, trust and succession planning services, family disputes and corporate services to provide practical solutions to meet your business’s needs.

Commercial contracts are essential for all businesses, even family businesses. Ensuring that your business arrangements are reflected in your contractual structure, whilst understanding the exposure to risks and liabilities as a family business is key to ongoing success.

No matter what sector your family business is involved in, any commercial arrangements need to be fit for purpose. That is why there is no “one size fits all” when it comes to contracting and it’s important to seek legal advice at an early stage to help you identify key priorities and threats.

Buckles has a number experienced commercial lawyers to discuss the legal and commercial protections you should include in your commercial contracts for your family business.