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19 April 2016
A guide to transferring a business to a family member.
There are more than 3 million family businesses in the UK, which between them employ more than 9 million people and contribute 15% to GDP.
Despite these successes, family businesses often experience difficulties when it comes to passing their businesses to younger generations.
Research has found that only a third of family businesses are successfully transferred to the second generation of a family.
While the reasons behind this are unclear, the Department of Business, innovation and skills has identified that only a third of family businesses have a formal succession plan in place.
It seems that failing to plan adequately could be stopping family business from successfully passing their business from one generation to the next.
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