Scots lawyer urges building industry to take succession planning seriously
Independent Scottish law firm BTO Solicitors LLP has urged the Scottish building industry to take business succession seriously and to start considering options at an earlier stage.
BTO associate Ross Brown addressed the Federation of Master Builders (FMB) at its 75th annual conference on Friday 28 October in the Grand Central hotel in Glasgow, hosting a session on succession planning specifically aimed at the building trade.
Ross’s presentation covered tips for business exit planning and selling, the tax implications of passing on property, Employee Benefit Trusts and guidance for sole traders becoming a partnership or a company.
The largest trade association in the UK construction industry, the FMB offers a wide variety of services and support to its small to medium sized builder members and champions continuous improvement in building standards.
BTO is an industry partner of the FMB and sponsored the drinks reception at the gala dinner element of the event.
Commenting, Ross Brown said: “The building industry in Scotland is made up of thousands of small to medium sized businesses including many family businesses, all of which have the same issues when considering what to do once the owner reaches retirement.
“It is important for business owners to think about the various options available when passing it on for the benefit of the next generation, including the practical matters and tax implications, particularly from an Inheritance Tax and Capital Gains Tax perspective. That’s why we’re urging owners to start considering the best option for them at an early stage.”
Gordon Nelson, Director of FMB Scotland, added: “We focused on the business needs of our members in sourcing guest speakers for the conference. Succession planning is a hot topic and is particularly relevant for our small to medium sized business membership. Ross Brown from BTO Solicitors, our legal industry partner in Scotland, did a fantastic job of explaining the different options available and I am sure our members now feel in a much better – and more knowledgeable – position to futureproof their businesses.”