Historically, family businesses have generally found it difficult to survive the transition from the founder to the next generation, and many business founders are now reaching an age where they are considering stepping down and passing the baton on to younger members of the family.

It may be more appropriate to consider bringing in an outsider to manage the business while the family member learns the skills needed. It may also be worth loosening the reins further, and retaining ownership while operating the business through employed managers. Or even selling the business and investing the money in other enterprises.

Recent statistics have revealed that only about 10% of family-run businesses survive to the third generation. Proper planning and preparation, including ensuring that the next generation have the skill, aptitude and interest in continuing the family firm, can significantly improve these figures.

If you are running a family business, and are considering reducing your involvement to let the next generation take a turn at the helm, you need to consider all of the options and make sure that you select the solution that fits the personal, financial and commercial goals of all concerned.

With around a third of family-run businesses expecting to change hands within the next 10 years, it's never too soon to start preparing for a successful future.
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If you would like to discuss passing your business on to the next generation, or any other aspect of running a business today, contact us by reply to this E-Mail, and we will be pleased to offer our support.

Bill Jones
POSTILLION Business Management Support
Tel: 01494 451239
Independent Advice and Support
Executive Associate, Institute for Independent Business

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