Succession planning in family businesses
How best to pass on your business to the next generation will be one of the biggest challenges you face. You need to make the right decisions for you, your family and your business - balancing the needs of all three.
It can be made easier if you plan the succession process early - ideally when you set up the business.
Your succession plan should include:
- your key goals for the succession process
- a timetable of the transition stages, from identifying a successor to the staged and then full transfer of responsibilities
- contingency plans in case the unforeseen happens, such as your intended successor declining the role
Questions you should ask yourself include the following:
For further information, see our guides on selling or passing a business to a family member and how to consider your exit strategy when starting up.
You can also find out more about passing family businesses from one generation to the next.
Subjects covered in this guide
Also on this site