If you own a family business, you need a solid succession plan in place. Succession planning involves identifying and preparing the next generation of business leaders to ensure a smooth transition of the business's ownership and management. For some, this may be a straightforward process and, for others, it can be a very emotional and stressful time, particularly if it is a business that you have put your life and soul into over the years.
There are many questions surrounding gifting the business, such as:
Selling the business provides the opportunity for the current owner to realise the value and have the funds to retire. When is the best time to sell? Is your business ready to sell? Our "Selling a Business Guide" will give you more information.
We would advise that you:
A gradual handover allows the current owners to be paid out over time which may be better for the business financially and it also gives chance for younger family members to start getting involved in the business.
You might also consider a transfer of management before ownership. This would allow a balance between outright transfer and retaining some management control. You might want to ensure the next generation have the capability to run the business before handing it over and losing control altogether.
It just goes for me to say thank you for your help and assistance and especially the advice in this matter and should A2Z have the need for similar services. We will certainly consider Banner Jones first
A2Z computers, London
Service was incredible. Lee Foster made the transition smooth and easy. Thanks Lee!
Mr P, Rotherham
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