Client login

Succession planning for a family business

19 April 2016

business advisers preston

Succession planning for a family business

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. 

The article also includes information on:

  • management transition
  • preparation
  • implementation
  • ownership transition
  • tax reliefs

To view this article in full, please click here download the document.

If you require further details on these changes or need our assistance please do not hesitate to contact one of our business advisers on 01772 741200.

Go Back
Back to home