Succession planning is your first step in starting a family business

Karen Walsh, solicitor, draws a step-by-step legal road map to safeguard the assets and future health of any family business

Martin Canty, proprietor of W.M. Canty & Son (established 1928) at Anglesea Street, Cork City, holding a black and white photo from the late 1920s which includes his grandfather Bill Canty, his father Archie Canty and two aunts at the family business premises. Picture: Larry Cummins

Every family and every business is unique. The movement of a family business from one generation to the next is one every family must consider.

 As a solicitor specialising in property, succession and probate over the years I have noticed that there are common factors and advices that are applicable to all family-run businesses. Here are some tips on how to implement a successful succession plan to ensure that the transition takes place as smoothly as possible.