Despite recognition and awareness of the number of family firms that transition each year, and are going to be up for transition in the next few years, there is a major disconnect between those planning an exit and the level of proactive planning that is undertaken.

Irrespective of the plan, whether it is a sale to a third party to fund retirement, or the transition to the next generation, planning for independence from the business and planning to enable the business to continue independently is essential.

Ultimately, there may not be a desire amongst the next generation to get involved with the business and a sale may be the best way forward so careful planning can actually increase the value of the business too.

Whatever the outcome, early planning puts both the business and the family in the best place to achieve the best results too.