Succession is often spoken of as a single moment – the passing of the baton from one generation to the next. In reality, for family businesses it is much more complex, a process that spans years and demands foresight, negotiation, and a degree of humility. At the heart of this process lies a fundamental question: how do you preserve a business that carries both financial and emotional weight, while accommodating the shifting needs of a family whose members and priorities will inevitably change?
Trusts offer one answer to this question. They are not new, nor are they the only option available, but their enduring appeal lies in their ability to balance continuity with flexibility. By interposing trustees between the business and its beneficiaries, a trust ensures that ownership is not fragmented or destabilised by individual circumstances, but held in a way that preserves the business as a long-term asset for the family as a whole. This shift from personal ownership to collective
