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It's a family affair: succession planning advice

Succession planning advice for family businesses, by Mike Fleming

19 July 2012

Family businesses continue to make an important contribution to the UK economy, bringing in almost a quarter of GDP and providing over 9.2m jobs. Clearly a significant part of the economic landscape, family businesses are unique in that they are not exclusively driven by market forces or the demands of shareholders.

They often have their foundations in a desire to safeguard the family, provide stability and channel prosperity into future generations. This creates a very different business ethos to that of enterprises set up to generate immediate wealth for the founder and shareholders.

Loyal following

There are many advantages to a family business, not least in terms of company loyalty and higher levels of commitment to the success of the business. Versatile and resilient, family businesses are often small enough to have the flexibility to respond quickly to changing ...

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