At HB&O in Leamington Spa, Coventry and Warwickshire, we offer particular expertise in succession planning strategies for family businesses and can provide specialist, long-term advice and support to achieve the effective transfer of a business.
Research suggests only around a quarter of family businesses successfully transfer to the second generation, and little more than ten per cent to a third.
Poor succession planning can lead to the next generation of owners being unprepared, not suited to or just not interested in continuing the family firm. As a result, risks grow of the business spiralling into decline and failure which can lead to its sale at price that does not reflect its true value.
We can help to prepare the next generation of the family to take over or, where there is no interest from the successor generation, enable the family to achieve maximum benefit from a disposal.
If you want to sell, we can help you explore issues including valuing the business, grooming it for sale and finding a buyer, as well as how the timing of the sale could dramatically reduce your tax bill.
Succession is a long-term issue and one that family businesses can find difficult to face. As neutral, objective advisers, we can provide expert advice and support to help families take constructive steps to achieve the survival of the business they have worked so hard for.