Succession Planning
What Is Succession Planning?
Succession planning is the process of preparing for the future transfer of ownership, management and assets within a business or company. It can provide a structured approach to business continuity, ownership changes and the retirement or exit of key individuals, while helping to protect the value of the business and the interests of those involved.
Succession planning typically involves:
- Identifying who will take ownership or control of the business and establishing how that transition will take place.
- Working with your tax and financial advisers to structure transfers in a way that is commercially appropriate and, where possible, minimises unnecessary tax liabilities.
- Ensuring continuity of business operations by planning for changes in management, ownership and key personnel.
- Protecting family relationships and shareholder interests by establishing clear expectations and arrangements before a transition takes place.
- Considering the wider estate planning implications where business interests form part of an individual’s personal estate.
Whether you are planning the future of a family business, preparing for retirement, reorganising a corporate structure or considering what should happen to business assets after your death, effective succession planning provides a clear roadmap for the future. It can help avoid uncertainty, protect relationships, and reduce the risk of disputes arising when ownership or management changes.
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‘Excellent response times from Charlotte all supported by a very competent team at EFN. Having used EFN for many years, I couldn’t recommend their services highly enough, excellent!’
Charlotte Stojak
Solicitor and Head of Corporate
Why choose Ellis-Fermor & Negus?
Experienced team in succession, estate, and business planning.
Expertise in wills, trusts, shareholder agreements, and tax-efficient strategies.
Tailored solutions for families, business owners, and high-net-worth individuals.
Clear, practical guidance and advice throughout the process.
Trusted by clients across the East Midlands for decades.
Meet the team
Charlotte Stojak
Charlotte joined the firm in 2024 and was appointed Head of Department for Corporate in April 2025. Charlotte qualified as a Solicitor in 2015, after studying Law (LLB) at Derby University and the Legal Practice Course at Staffordshire University. Charlotte has worked at a number of large law firms, gaining invaluable experience and exposure. Charlotte’s…
Jennifer Geary
Jennifer grew up in Long Eaton and first worked for Ellis-Fermor & Negus during her University summer holidays in 2003. She graduated from Derby University in 2004 with a Law Degree and returned the same summer to Ellis-Fermor & Negus as an Assistant to David Negus in the Commercial and Litigation Department to complete her…
Frequently Asked Questions
Failing to plan can potentially lead to:
- Family disputes over inheritance.
- Business disruption if exits of key roles are not thought out and planned.
- Unnecessary taxes reducing the value of the estate or liabilities for an individual on their exit/retirement.
- Unclear ownership of assets or shares.
- Legal challenges from disgruntled beneficiaries.
Proactive planning ensures that your wishes are respected and that your estate or your business/company transitions smoothly and efficiently as possible.
1. Wills and Testamentary Documents
A clear will is the foundation of succession planning. It:
- Specifies who inherits your assets.
- Minimises ambiguity and potential disputes.
- Can include provisions for trusts to protect beneficiaries.
We assist with drafting and updating wills to ensure they align with your long-term objectives.
2. Trusts
Trusts are powerful tools for succession planning, allowing:
- Protection of assets for beneficiaries.
- Potential tax-efficient transfers.
- Control over how and when beneficiaries receive assets.
We advise on creating discretionary, life interest, and family trusts, tailored to your needs.
3. Business Succession
For business and company owners, succession planning includes:
- Appointing successors or trustees.
- Drafting shareholder agreements or partnership agreements.
- Planning for the transfer of shares or ownership in the business or company.
- Ensuring continuity of operations for the business or company.
We guide clients on both pre-retirement/exit planning and post-event transfers.
4. Tax Planning
Effective succession planning can look to minimises tax liabilities where possible, for example:
- Inheritance Tax (IHT).
- Capital Gains Tax (CGT).
- Income tax considerations on transfers.
Our team work alongside your tax and financial advisors to ensure your plan is tax-efficient while achieving your goals.
5. Powers of Attorney and Healthcare Directives
Part of succession planning involves preparing for incapacity, including:
- The drafting of Lasting Powers of Attorney (LPA) for financial and health matters.
- Instructions for healthcare decisions.
- Delegation of property management.
These documents ensure your affairs are managed in line with your wishes if you are unable to act.
Step 1: Initial Consultation
- Understanding your assets, business interests, and family/personal situation.
- Identifying potential risks, disputes, and tax liabilities.
- Establishing objectives for your succession plan.
Step 2: Drafting a Succession Plan
- Preparing wills, trusts, shareholder agreements and updates to constitutional documents.
- Advising on tax-efficient structures, with the assistance of your tax and financial advisors.
- Planning for interim management or guardianship if necessary.
Step 3: Review and Implementation
- Advising clients on the drafted documentation, finalising documents and ensuring legal compliance.
- Registering trusts, powers of attorney, and corporate documents (as required and necessary).
- Assisting (where required and necessary) in communicating plans to beneficiaries, stakeholders and relevant persons within the business/company.
Step 4: Ongoing Review
Succession planning is not a one-time event. Life events, changes in law, or business growth may require adjustments. We provide regular reviews and updates to ensure your plan remains effective and in line with your personal circumstances.
Succession planning protects your family, business, and assets for the future. Our team provide expert advice, practical solutions, and peace of mind, helping you create a plan that ensures your wishes are respected and disputes are minimised.
Phone: 0115 972 5222 • Contact form: ellis-fermor.co.uk/contact-us
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