It is important to remember that the family business is a company – a legal entity – in its own right. When you join your family’s business, you have a clearly defined legal duty to act professionally in the company’s best interests.
Below we are listing 5 golden rules to remember in planning for success:
1. Act now to implement documents that are right for you, your family and your family business.
2. Appreciate no two families and no two family businesses are the same, so it is vital to ensure that the documents you have drawn up are tailored to the specific needs of you, your family and your family business.
3. Bespoke documents help to ensure that, if something goes wrong, there is a clear and defined structure in place for resolving issues in ways that are appropriate for your family and your business.
4. Disputes between families are notorious for being lengthy, costly and nasty because an emotional connection can obscure the issues.
5. Use a professional adviser, such as Nidivo for example. They have a solid background in family businesses and many years of experience acting for family businesses & families involved and take their advice.
Nidivo’s strength is built on consolidated experience in an international arena. Our experts offer advice on all aspects of trusts, companies and estate planning, as well as assisting the trustees, settlors, beneficiaries and founders.
Furthermore, our firm can offer all the tools necessary for estate planning and insurance, extending our activities to charities and philanthropic projects, including non-profit organisations.
We work with banks and financial intermediaries, both at the domestic or European and International levels.
Our teams work efficiently from our various offices, often involving our international correspondents.
We have a wealth of experience. Our professionals participate actively in the International community with research papers, articles and keynote speakers.
Nidivo is top-ranked in many International directories.