Preparing to hand over ownership of a business can be tough for owner-managers, but getting it right is crucial if the business is to remain successful - and early planning is key.
This guide will highlight your succession options and help you identify the best route for you and your business. See assessing your options when succession planning.
Succession planning involves transferring ownership and control of a business to new management. The three main options are: transferring ownership to a family member, transferring ownership to a non-family member or disposing of the business through a sale, management buyout, management buy-in or voluntary liquidation.