Succeeding with succession

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There comes a time when owners of a family business want – need – to retire. But how should this be approached? What if the younger generation aren’t interested? Adam Bernstein investigates

According to the Institute for Family Business (IFB), two thirds – 4.8m in total – of UK businesses are family-owned. Of these, some 17,000 collectively generate over a quarter of the UK’s GDP and employ around 12.2m people.

Crucially, the IFB believes that around 100,000 of these firms change hands each year for a number of reasons, whether it be retirement, insolvency or death. […]

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