Payne Hicks Beach

Payne Hicks Beach

Family Owned Businesses

How to avoid going from "shirtsleeves to shirtsleeves" in three generations.

Family owned businesses require special consideration if they are to navigate the transition from first, to second to third generation successfully. There are numerous hurdles to overcome.  We regularly advise the owners of family businesses and their trustees on the most appropriate structures for holding the business, and the all important issue of maintaining control. We can advise on shareholder agreements and family constitutions, and how best to introduce the next generation into the business.  

Tax and divorce are both major risks for family business owners.  Our Private Client department is experienced at advising on all aspects of tax and estate planning, ranging from business property relief from Inheritance Tax to drafting tax efficient Wills.  Our Family department can advise on how to protect your family business using pre-nuptial agreements, and how to defend your family business in the event of a divorce.

Not all Family Owned Businesses are based in the UK and we are regularly asked to advise the owners of overseas businesses on designing appropriate trust structures to hold their businesses particularly where local succession laws would otherwise dilute share ownership on the death of a major shareholder.

Payne Hicks Beach is ranked in Chambers HNW 2021. Quotes include, "they have such a super team of lawyers that are real experts in their field” and "they're really dynamic and energetic." With another source highlighting the quality of the family team: "their family law team is excellent...they are extremely dedicated, extremely hard-working and very results-focused." Quotes commending the private client team include, “they're always very efficient, they give good advice and they are easy to deal with…their advice is clear, objective and understandable." A source says, "you can tell that they care about their clients by looking at the quality of their work product…they take the time to address all questions to make sure everyone at the table understands what is going on. They go above and beyond. They're a fantastic firm."

If you are interested in our Corporate Solutions for Family Businesses, please click here

PRACTITIONERS IN THIS FIELD

AWARDS AND ACCREDITATIONS

LEGAL 500 UK

LEADING FIRM

2022

CHAMBERS HNW

LEADING FIRM

2021

CHAMBERS UK

LEADING FIRM

2020

EPRIVATECLIENT

TOP LAW FIRM

2020

SOLICITORS JOURNAL

SHORTLISTED FIRM

2016

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