Succession planning for family businesses
As the private client industry in Jersey seeks to attract clients from the emerging jurisdictions, it is likely to become increasingly involved with putting in place succession planning and asset protection structures that relate to family businesses.
For this reason, it is important to understand a little about the importance of family businesses to the global economy and the sort of governance structures that are likely to be of interest to a family looking to manage the future succession of a family business. Armed with this knowledge, we can tailor the structures that we are already familiar with such as trusts, foundations and family partnerships to meet the needs of family businesses globally.
A family business is a business in which one or more members of one or more families have a significant ownership interest and significant commitments toward the business’s overall wellbeing. In some countries, many of the largest publicly listed firms are family owned. A firm is said to be family owned if a person is the controlling shareholder: that is, a person (rather than a state, corporation, management trust or mutual fund) can garner enough shares to assure at least 20 per cent of the voting rights and the highest percentage of voting rights in comparison with other shareholders…
If you are registered and logged in to the site, click on the link below to read the rest of the Appleby briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Appleby
News from The Lawyer
Briefings from Appleby
Bermuda’s legal framework facilitates the creation of flexible and economically viable co-investment vehicles within a stable and business-friendly jurisdiction.
Feltham v Bouskell provides a cautionary tale for lawyers regarding the need to act quickly upon the receipt of instructions from elderly or ill clients.
Analysis from The Lawyer
The past quarter has been busy for the offshore sector as firms have looked to capitalise on globalisation, while workflow has remained high
Business is booming in the Isle of Man, a small jurisdiction that thinks big