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How to navigate succession in family business

09 April 2021

6 minute read

Key takeaways

  • Succession is one of the biggest challenges facing family firms and there should be a plan in place well before the hand-off occurs
  • Keeping the business in the family can raise complex and emotion-laden problems – there are multiple exit strategies which should also be considered
  • Once the decision of who will be taking over the family business has been made, support is needed to help them prepare for the role
  • Appointing independent trustees, or even professional advisors, can bring new perspective and add an extra layer of protection.

Passing on a family business can sometimes seem a daunting process. At Barclays Private Bank we have a long history of working with clients as they navigate both the emotional and practical challenges of moving a family business from one generation to the next.

While every family is unique, we have come to recognise many scenarios that can lead to frustration, confusion or tension. Our panel of experts discuss these potential pitfalls but also offer advice to protect your wealth and support your succession planning.

You may be undergoing the transition now. Or you might still feel that you are many years away from transferring the family business. Either way, our wealth advisory experts are always on hand to make sure everything runs smoothly.

Our panel of experts

  • Mark Tucker
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    Mark Tucker is Global Head of Wealth Advisory at Barclays Private Bank, leading a team of 16 wealth advisors based in London and India. He works alongside private bankers around the world to assist clients with complex multi-jurisdictional succession planning needs. Mark’s expertise is in trust and estate planning and family business advisory, with particular focus on emerging markets. He has spent 22 years at Barclays Private Bank and is a member of STEP (Society of Trust & Estate Practitioners).

  • Effie Datson
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    Effie Datson is Global Head of Family Office at Barclays Private Bank. She brings more than 25 years’ experience in wealth management to help family offices to access the full suite of Barclays capabilities and its global network. Prior to joining Barclays, Effie held roles at Goldman Sachs and Deutsche Bank, and worked as a hedge fund professional. She is founder and former Board Chair of 100 Women in Finance in EMEA and holds both an MBA from Harvard Business School and A.B. magna cum laude from Harvard College.

  • Antonio Risorto
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    Antonio Risorto is Head of Wealth Advisory for Key Clients at Barclays Private Bank. With more than 25 years’ advisory experience, he works holistically with the bank’s largest and most complex clients worldwide. Antonio is an expert in resident non-domiciled clients and has a deep understanding of tax requirements, having spent most of his career helping global clients to preserve wealth for future generations. Prior to joining Barclays in 2010, Antonio held roles at Grant Thornton and Deloitte. He is also a member of the Chartered Institute of Taxation and holds financial planning qualifications.

  • Damian Payiatakis
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    Damian Payiatakis is Head of Sustainable & Impact Investing at Barclays Private Bank, leading efforts to guide individuals, families and charities on investing to protect and grow wealth while making positive contributions to the world. His team’s work has been recognised by the UK Cabinet Office and he was part of the UK Government’s Taskforce on Impact Investing. Damian graduated from Brandeis University with Highest Honours. He holds both an M.A. in International Economics & Finance from Brandeis International Business School and an M.Sc. in Organisational & Social Psychology from the London School of Economics.

  • Clare Stirzaker
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    Clare Stirzaker is a partner and solicitor at PwC UK who advises international private clients and family offices on a wide range of personal tax and related legal matters. She is viewed as one of the leading private client advisors in the UK and has won numerous private client prizes with bodies such as STEP and Citywealth. Clare qualified as a lawyer in 2008 at Baker & McKenzie and has since worked exclusively with private clients, spending time within Barclays Wealth before joining PwC.

  • Nike Anani
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    Nike Anani is a second generation family business owner and family business consultant, with over a decade of experience in Nigeria. She works with family business owners and next generation owners to bridge generational gaps, to enable their businesses to successfully transition to the next generation and leave a lasting legacy. She helps clients to communicate, collaborate and collectively gain clarity to increase profit and productivity.

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Smarter Succession

Discover our Smarter Succession content series which uncovers some of the tensions surrounding wealth and business transfer, and how to overcome them. 

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The Power of Inclusivity

Our panel of experts explore the gender bias prevalent in succession planning and provide guidance on how families can become more inclusive.

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Here to help

Find out how our experts can help to protect your wealth and support your succession planning, structuring and investment needs.

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