Succession planning built around family goals

Succession planning is about more than tax efficiency. For one family-owned property business, it was about protecting a legacy, supporting the current generation and creating a sustainable future for those who would follow.

Having worked with the family for many years, PKF Francis Clark had developed a deep understanding of the business, its structure and the family’s long-term ambitions. Through regular reviews and ongoing advice, conversations around succession developed naturally over time, helping the family stay prepared as circumstances, legislation and priorities evolved.

Following the loss of a key family member, succession planning became an even greater focus. The family wanted to protect income for the current generation, create a clear path for the next generation and ensure the business remained well positioned for long-term growth.

Working closely with specialists across business advisory, tax and VAT, PKF Francis Clark helped the family navigate a complex succession planning project involving multiple property structures, cross-border considerations and ever-changing tax legislation.

“It has been an iterative process over the years. PKF Francis Clark has been hugely helpful, constantly reviewing and adapting the structures as governments come and go, tax rules change and family circumstances evolve.”

The family’s circumstances were particularly complex, with assets held through a mix of personal and corporate structures, alongside family members based in different countries. The challenge was not only to find a tax-efficient solution, but to create a plan that aligned with the family’s wider objectives and could adapt to future change.

Rather than applying a standard solution, the team took time to understand the family’s goals before developing a tailored strategy. The client particularly valued the collaborative and consultative approach taken throughout the project.

“What I liked was that it was a very open and honest conversation. The team really listened, but they also pushed back where they needed to and asked the right questions. That helped us arrive at a practical solution that works for our family and gives us flexibility for the future.”

To help make the process manageable, PKF Francis Clark developed a phased implementation plan. This allowed changes to be introduced over time while retaining the flexibility to respond to changing family circumstances and future legislative developments.

As the family’s primary decision-maker was based in the US, close coordination between advisers was essential. PKF Francis Clark worked alongside lawyers and international counterparts, helping to keep the process moving and ensuring everyone remained aligned.

“It became quite a complex picture quite quickly. The team put together a very robust strategy that took into account the tax considerations, the cross-border issues and, most importantly, what our family wanted to achieve.”

Alongside the succession project, the team continued to support the business with its day-to-day accounting, VAT and compliance requirements, providing joined-up advice across all aspects of the business.

The client highlighted the value of having a dedicated adviser who could bring together expertise from across the firm while maintaining clear and straightforward communication.

“I feel like I can email any one of them and it all gets sorted out. Communication has been excellent. They took the time to explain things clearly and made sure everyone involved understood the options and implications.”

The outcome

The family now has a clear succession roadmap that protects current income, supports future generations and provides the flexibility to adapt as circumstances change. With a plan in place, they can focus on managing and growing the business with confidence.

“We’ve achieved a lot in the last 18 months that will set us up in the right way going forward. It’s been a great experience working with the PKF Francis Clark team.”

Advice for other family businesses

Reflecting on the experience, the client believes the key is to start planning sooner rather than later.

“Engage early. People leave it too late. Start by understanding what you’re trying to achieve, then build the right structure around those goals. Giving yourself time creates far more flexibility in the long run.”