Succeeding at Succession in Family Businesses

Planning for exit and succession can be difficult in any business, but as Neil Large partner in our Corporate Team explains, in family businesses there are additional factors to consider. One of the problems with family succession planning is that the two key objectives – liquidity and preservation of the business legacy appear to be in conflict – how can you get cash without selling up? A sale to a trade buyer may be unattractive if the plan is to keep things in the family, and this is where a purchase by family members (a “Succession Buyout”) is an increasingly viable and popular alternative. A Succession Buyout is essentially a…