Tamasin Perkins writes for the Financial Times’ Your Questions column on succession planning
Succession planning can be challenging for many individuals. Tamasin Perkins, Partner in our Private Wealth Disputes team explains that even if it feels early, it’s important to recognise that succession planning cannot be accomplished overnight. Initiating the process well in advance (and continuing to review it) allows for a smoother transition and helps individuals iron out any unexpected issues that may emerge.
In an article for the Financial Times, Tamasin answers a reader's question on this topic - she comments:
It is great you are thinking about these issues and that your son will benefit from your hard work and success. I’m assuming that you have already had a candid conversation with him about taking over the business, that he is eager to take on this responsibility and that you think he is the right person for the job. If this conversation hasn’t happened yet, it should be your initial step in succession planning.
She explains that there are a range of questions that need to be asked when planning for succession. For example:
- Does your child share your vision in relation to the business and has the necessary skills to lead and manage it effectively?
- Are there any gaps in their experience or skills you could help them with now?
- Are there others who might expect to inherit or need looking after?
Read the full article in the Financial Times here (subscription required).
