Family business agreements
Family business solicitors helping to protect your family’s future
When it comes to family business and family wealth, personal and professional dynamics can become imbalanced. That’s why taking the time to agree and document your family business’ goals, roles, structure, policies and protocols can be invaluable. Clarke Willmott’s team of specialist family business solicitors can guide you through the process of creating a bespoke Family Business Agreement to protect both your family business and wealth for generations to come.
A Family Business Agreement can also provide clarity and improve communication by allowing your family to talk openly and honestly about their hopes, expectations, goals and concerns.
What is a Family Business Agreement?
A Family Business Agreement (FBA), sometimes known as a family constitution or a family charter, is a non-legally binding document that provides a clear framework for how your family directs matters when it comes to the family business and family wealth. It can also provide clarity and improved communication by allowing your family to talk openly and honestly about their hopes, expectations, goals and concerns.
An FBA is not a solution to existing problems and we would recommend that any discrepancies are resolved before you begin the process of creating an FBA. It is a bespoke document that caters to the needs, beliefs and characteristics of your business and family and can be thought of as a preventative form of mediation.
How our family business solicitors can help
Clarke Willmott’s team of family business solicitors has been providing expert legal advice to small and medium sized family businesses for many years. We have particular experience advising high growth family businesses that are experiencing significant change.
Every FBA is unique. Our specialist solicitors can help you identify what is important for your family and your business now and ensure your FBA is reviewed regularly so it continues to meet your family’s evolving needs.
What can be included in a family business agreement?
Some things that you may find beneficial to include in your Family Business Agreement are:
- Your family mission or ethos. What is your vision for the future and how will you get there?
- A definition of individual roles, relationships and structure within the family. Who has authority, and who is responsible for what?
- Policies about remuneration, communication, leadership, ownership, transfer of wealth, employment and changes in the family, such as marriage or divorce
- The procedure for making a decision. How will you resolve disputes? What is the process for a family member joining or leaving the business?
- Succession planning
Our specialist solicitors can prepare wills and trusts for all family members involved in the family business agreement to minimise the dispersal of your family wealth.
Get a free family business agreement consultation
As a first step, we offer a free initial telephone consultation, so we can answer any questions you may have and identify the specific needs and requirements of your business.
This can be followed by a meeting with the key family members to discuss:
- The requirements of the agreement
- Timescale and ongoing contact
- Clarke Willmott specialisms required
- A cost estimate will then be provided for the preparation and finalisation of the agreement.
Contact a family business solicitor today
Our specialist family business solicitors based in Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton provide legal advice to both UK and international family businesses.
Call for a free initial consultation today on 0800 652 8025 or get in touch online.
