There are more than 3 million family businesses in the UK. Between them they employ more than 9 million people and contribute over 15% towards our GDP. However, all too often I see family businesses that experience difficulties when it comes to passing on their businesses to younger generations.
Succession planning helps you pass on your business to new owners in the smoothest possible way. The same principles apply for all types of businesses. However, the process usually gets more emotional or complicated for family businesses.
The 4 main options for people who want to leave their family business are:
• to transfer it to someone else (often a family member)
• to merge with another company
• to sell
• wind up the business’ operations
Succession planning is a complicated area of business and tax planning. Starting these conversations early can make sure you and your family are in the best possible position.
Askews Accountants and Askews Solicitors can advise you on different options available when leaving your business. The implications of any decision need to be carefully considered. So why not contact us to discuss your situation and to better understand which option is best for you.
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