Strategies for multi-generational wealth transition

Family businesses are poised to transfer an estimated £5.5trn between 2020 and 2047, underscoring the critical need for robust succession planning. With over 87% of UK businesses being family-owned, decisions about maintaining family control or exploring alternative paths are complex. Geographical dispersion of family members and recent legislative changes, such as the upcoming cap on business and agricultural property reliefs, add further challenges. Establishing a strong foundation, clarifying the family's business intent, and developing a strategic plan are essential steps for advisers...