Succession: your options

For family business owners the idea of handing over the reins can be a daunting prospect. But what are the options?

Sale to a third party

Key to attracting third party purchasers and maximising price is to prepare your business for sale at an early stage. Your arrangements (whether with employees, suppliers or customers) need to be properly documented, intellectual property registered, statutory registers up to date etc. Putting in the work now will avoid having to address issues in the midst of a busy sale – and potentially avoid price chips.

Passing the business to the next generation