Supporting a family business through leadership transition, tax planning and long-term succession

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Robert had worked in the business for eight years before becoming Managing Director four years ago. When Rick stepped back, the handover required careful planning across finance, operations and ownership. We supported the transition by managing the practical and strategic financial changes needed to move leadership from father to son. This included reviewing shareholder structures, advising on shareholdings and options, and ensuring responsibilities, reporting and governance aligned with Robert's new role. Jo, their Client Manager, oversaw the process and ensured the transition was smooth, structured and fully understood.

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Alongside the operational changes, we worked closely with the family on tax and succession planning. This included reviewing the wider group structure, considering inheritance and estate planning, and ensuring future tax efficiency for both the business and the family. The focus was on protecting the business, minimising risk and creating a clear plan for the future, while allowing Robert to step into leadership with confidence.

We produce Soma's annual accounts and manage payroll for their eight employees. Robert has an annual review meeting with Jo and communicates regularly by email whenever questions arise. When QuickBooks was introduced, Jo visited the business to provide hands-on training for Robert and his team.

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Soma also operates as part of a wider group following the acquisition of another business twelve years ago, a process that we supported from a financial and structural perspective. Consistency is extremely important to Robert, and he values having a trusted adviser who understands both the history of the business and its future direction. As Soma Services continues under Robert's leadership, we remain a trusted partner providing stability, expertise and long-term guidance.