A Legacy Intact: safeguarding your family business in the event of divorce - Book - Page 103
The consequence of failing to consider the impact of
marital breakdown on a family business can be severe.
Not only could it result in protracted and expensive
litigation but it may also de-stabilise your business;
damage relationships between family members; lead to
shares being transferred; or in the worst case scenario to
an enforced sale.
Vigilance and forward planning are critical to ensure you
have considered and put in place the relevant protective
measures, mitigating any such risk in advance. In this way
you will give your family the very best chance of coming
through a divorce unscathed.
PLAN AHEAD.
PROTECT WH AT MAT TERS TO YOUR
FA M I LY A N D Y O U R B U S I N E S S
In our experience succession planning from an early
stage, which is reviewed regularly, should provide clear
strategies and policies for the business as a whole and
for individual shareholders. In addition, we always advise
that individual family members seek independent legal
advice well before any intended nuptials so as to protect
themselves, the business, their descendants and their
wider family.
The very nature of a family run business, and the
relationships
rooted
within
it,
which
often
span
generations, is what sets it apar t from the publicly owned
corporate giants in our world. Such businesses are a vital
part of our economy, and of the community they serve.
A family business deserves the very best by way of
protection, equipping it to thrive through the ownership
and control by future generations of the family.
102
A LEGACY INTACT
