{"id":1893,"date":"2024-12-17T17:28:38","date_gmt":"2024-12-17T17:28:38","guid":{"rendered":"https:\/\/advisingfamilies.org\/uk\/?p=1893"},"modified":"2026-03-26T15:34:08","modified_gmt":"2026-03-26T15:34:08","slug":"its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business","status":"publish","type":"post","link":"https:\/\/advisingfamilies.org\/uk\/information-portal\/family-matters\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\/","title":{"rendered":"It\u2019s good to talk and even better to plan the future of your family business"},"content":{"rendered":"\n<p><strong>Last updated: March 2026<\/strong><\/p>\n\n\n\n<p><strong>Four-minute read <\/strong><\/p>\n\n\n\n<p>Running a family business is more than a job. It takes a huge amount of time, energy, money and commitment to keep the business afloat. There\u2019s a lot of people to consider and work to be done. From accounts to admin, there are no end of tasks.<\/p>\n\n\n\n<p>It\u2019s easy, then, for \u2018talking about the future\u2019 to fall to the bottom of a long to-do list. However, if that\u2019s where it stays, there might not be a business to pass onto your loved ones, or whoever you think is best placed to run it.<\/p>\n\n\n\n<p>If you don\u2019t have a will or succession plan that details what will happen to the business\/who will run and own the business after your death, there could be conflict and the business may not pass to the people you would like it to.<\/p>\n\n\n\n<p>One in four of the family business owners in the UK that <a href=\"https:\/\/www.step.org\/press-office\/family-businesses-risk-increased-taxes-family-and-business-breakdown-due-lack\">STEP surveyed<\/a> shared that their biggest fear about not having a succession plan was that their business would close.<\/p>\n\n\n\n<p>The good news is that there some simple steps you can take to put a plan in place. We recommend that you:<\/p>\n\n\n\n<p><strong>Start the conversation<\/strong><\/p>\n\n\n\n<p>1. <em>Start small<\/em>: you don\u2019t need to decide everything at once. Just letting your loved ones know you want to discuss the future of the business is a great place to start.<\/p>\n\n\n\n<p>2. <em>Keep it ordinary<\/em>: have the conversation over a meal, on a walk or a time when you have time to have an open chat. It doesn\u2019t need to be formal.<\/p>\n\n\n\n<p>3. <em>Be direct<\/em>: none of us can escape the inevitable, but by talking to our loved ones about our wishes, we can save them a lot of heartache and expense when it comes. Family business owners that have done this say that it has benefited the business to have had done so.<\/p>\n\n\n\n<p>Once you\u2019ve got started the conversation, you can:<\/p>\n\n\n\n<p><strong>Focus on what matters<\/strong><\/p>\n\n\n\n<p>1. <em>Focus on the positives<\/em>: each generation can bring different knowledge, such as an understanding of AI. It won\u2019t protect younger generations to leave them without the knowledge or skills to continue the business. If everyone would like the business to stay in the family, talking is the place to start.<\/p>\n\n\n\n<p>2. <em>Focus on your values<\/em>: what does your family business stand for? And will the wealth your family business creates be deployed in a way that you agree with? A family constitution is a great way to get everything in writing. <a href=\"https:\/\/www.step.org\/press-office\/what-family-constitution-and-why-do-we-need-one\" target=\"_blank\" rel=\"noreferrer noopener\">Read STEP&#8217;s guide to setting up a family constitution<\/a>.<\/p>\n\n\n\n<p>3. <em>Focus on the worst-case scenario<\/em>: if the person running your business weren\u2019t able to do it, who would? Having a plan ready should the worst happen will help the business to survive. <a href=\"https:\/\/www.step.org\/press-office\/preparing-your-family-business-unexpected\" target=\"_blank\" rel=\"noreferrer noopener\">Read STEP&#8217;s guide to preparing your family \u2018business for the unexpected\u2019.<\/a><\/p>\n\n\n\n<p><strong>Plan and Review<\/strong><\/p>\n\n\n\n<p>1. <em>If you need to get a will, it might not take as long as you think.<\/em> If you are based in England or Wales, <a href=\"https:\/\/advisingfamilies.org\/uk\/information-portal\/managing-money\/things-consider-making-will\/\" target=\"_blank\" rel=\"noreferrer noopener\">our handy guide to getting starting with a will<\/a> can help.<\/p>\n\n\n\n<p>2. <em>If you have a will, make sure it is up-to-date.<\/em> Review it every five years, particularly when you have a change of circumstances, such as a birth, divorce or a new marriage.<\/p>\n\n\n\n<p>3. <em>Who would you want to run the business if you weren\u2019t able to?<\/em> Talking to your loved ones and having a succession plan that sets out your wishes will help the business can thrive, no matter what.<\/p>\n\n\n\n<p>4. <em>Talk to an expert<\/em>: a STEP member who specialises in working with family businesses can give you the support you need to put your will and succession plan in place. They can also advise on trusts that might be appropriate for the business and Lasting Powers of Attorney. You can find out <a href=\"https:\/\/www.step.org\/press-office\/types-trusts\" target=\"_blank\" rel=\"noreferrer noopener\">more about the different kinds of trusts here<\/a>.<\/p>\n\n\n\n<p>STEP has members who can advise you on how best to plan as a family business owner. Use our <a href=\"https:\/\/advisingfamilies.org\/uk\/find-a-tep\/\" target=\"_blank\" rel=\"noreferrer noopener\">Find a TEP service <\/a>to find an expert near you.<\/p>\n\n\n\n<p><\/p>\n<div id=\"s-share-buttons\" class=\"horizontal-w-c-circular s-share-w-c\"><a href=\"http:\/\/www.facebook.com\/sharer.php?u=https:\/\/advisingfamilies.org\/uk\/information-portal\/family-matters\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\/\" target=\"_blank\" title=\"Share to Facebook\" class=\"s3-facebook hint--top\"><\/a><a href=\"http:\/\/twitter.com\/intent\/tweet?text=It\u2019s good to talk and even better to plan the future of your family business&url=https:\/\/advisingfamilies.org\/uk\/information-portal\/family-matters\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\/\" target=\"_blank\"  title=\"Share to Twitter\" class=\"s3-twitter hint--top\"><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Last updated: March 2026 Four-minute read Running a family business is more than a job. It takes a huge amount of time, energy, money and commitment to keep the business afloat. There\u2019s a lot of people to consider and work to be done. From accounts to admin, there are no end of tasks. It\u2019s easy, &hellip; <a href=\"https:\/\/advisingfamilies.org\/uk\/information-portal\/family-matters\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">It\u2019s good to talk and even better to plan the future of your family business<\/span><\/a><\/p>\n","protected":false},"author":10,"featured_media":1894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[19,16],"tags":[26,229,307,306,27],"class_list":["post-1893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-matters","category-planning-ahead","tag-family","tag-family-business","tag-family-business-owner","tag-succession-planning","tag-will"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It\u2019s good to talk and even better to plan the future of your family business - UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisingfamilies.org\/uk\/information-portal\/family-matters\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s good to talk and even better to plan the future of your family business - UK\" \/>\n<meta property=\"og:description\" content=\"Last updated: March 2026 Four-minute read Running a family business is more than a job. It takes a huge amount of time, energy, money and commitment to keep the business afloat. There\u2019s a lot of people to consider and work to be done. From accounts to admin, there are no end of tasks. It\u2019s easy, &hellip; Continue reading It\u2019s good to talk and even better to plan the future of your family business\" \/>\n<meta property=\"og:url\" content=\"https:\/\/advisingfamilies.org\/uk\/information-portal\/family-matters\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\/\" \/>\n<meta property=\"og:site_name\" content=\"UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AdvisingFamilies\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-17T17:28:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-26T15:34:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/advisingfamilies.org\/uk\/wp-content\/uploads\/sites\/2\/2024\/12\/ad-fams-article-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"335\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lydia Brita\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AdvisingFamily\" \/>\n<meta name=\"twitter:site\" content=\"@AdvisingFamily\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lydia Brita\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/information-portal\\\/family-matters\\\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/information-portal\\\/family-matters\\\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\\\/\"},\"author\":{\"name\":\"Lydia Brita\",\"@id\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/#\\\/schema\\\/person\\\/a56e63053aaa91a7e3b43c2ac2c42f65\"},\"headline\":\"It\u2019s good to talk and even better to plan the future of your family business\",\"datePublished\":\"2024-12-17T17:28:38+00:00\",\"dateModified\":\"2026-03-26T15:34:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/information-portal\\\/family-matters\\\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\\\/\"},\"wordCount\":689,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/information-portal\\\/family-matters\\\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/12\\\/ad-fams-article-1.jpg\",\"keywords\":[\"family\",\"family business\",\"family business owner\",\"succession planning\",\"will\"],\"articleSection\":[\"Family Matters\",\"Planning Ahead\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/information-portal\\\/family-matters\\\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/information-portal\\\/family-matters\\\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\\\/\",\"url\":\"https:\\\/\\\/advisingfamilies.org\\\/uk\\\/information-portal\\\/family-matters\\\/its-good-to-talk-and-even-better-to-plan-the-future-of-your-family-business\\\/\",\"name\":\"It\u2019s good to talk and even better to plan the future of your family business - 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