Whilst this piece centres on the small business, the message should resonate well with all family business owners with a desire to pass on the family business to the next generation.

There are clear steps that need to be followed but above all there is a need to talk, generation to generation with all the stakeholders in the family, including those not involved now, or unlikely to be involved in the future as well as shareholders and spouses.

Communication is key and it is vital to talk, start early and give the succession process the time and emotion that it deserves.

The business is often the largest asset and succession when it comes to the family business is not something to gloss over or fail to dedicate the right effort to resolving.