Guide: 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.
Read our helpful guide to transferring a business to a family member.