Exiting your business:
Family succession
Many business owners plan to pass their business to their children or other family members, but good planning, preferably many years in advance, is necessary for such a plan to succeed.
Statistics show that, whilst 40% of business owners plan to exit their business through family succession, only 4% of businesses are inherited. Where businesses are passed on, they do not always maintain their previous levels of success and sometimes fail through poor planning.
Are you sure that leaving your business to your family is in the best interests of you and your family? Have you considered, for example, selling your business either in a trade sale or a management buy out? If you could get a good price for the business your family might well be better served by receiving some of the proceeds for them to use to further their own career or business interests.
Find out more about planning for a succession…
When exiting from your business, you will be concerned not only about the family succession, but also your own financial security…
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Where next?
Within Exiting your business…
- Planning your exit
- Selling your business
- Floating your company
- Exiting a partnership or minority shareholding
- Closing down
- Tax issues
General...
- Contact us about this issue
- Read about how we can help you & your family
- Request a meeting with us
