October 14, 2021
Budget 2022 was announced on the 12th October, 2021. It is Minister for Finance, Paschal Donohoe’s fifth budget and the second of the coalition government between Fianna Fáil, Fine Gael...
Transfer of a Family Business
Ireland is undoubtedly a nation of family businesses, with 75% of private businesses being family owned. Lavelle Partners have been at the heart of the business community within Dublin and Ireland for over 30 years. During that time, we have been proud to advise and represent many family-owned businesses through each stage of their development, including when transferring through inheritance and lifetime transfers. We understand the importance of clearly explaining the process, options and implications of transferring a business to the transferor and the transferee.
Transferring a family business to the next generation is an important step in our lives and in the life of the business. Whether the entity in question has been in existence or one or multiple family generations, the hard work and determination that has led to its success cannot be underestimated. And to then be able to pass it on to our children or other family members is a great honour, both for us in assisting the process, and for the parties to the transfer. The new business may then take a new direction under fresh management, reflecting modern societal changes and business realities.
In many cases, however, business succession planning is not undertaken early enough, perhaps due to the many issues that must be considered when doing so. This is where Lavelle Partners can assist. We can drive the process of your family business succession planning, initiating each step of the process, taking the time to understand the details of your family, the structure of the business, and the goals for the future. By entrusting the process to our specialist team of estate planning Solicitors, you can relax in the knowledge that every aspect of the transfer has been considered and formalised with everyone’s best interests in mind.
There are several key considerations when planning the transfer of a family business, hence why it is important to plan effectively and to do so as early as possible. Some of the primary considerations include:
For further information regarding the Transfer of a Family Business in Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.
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