Withstanding the effects of time requires a well-constructed succession plan that is periodically reviewed, advises Suzannah Farnell.

“A Barclays report, ‘Family Affair: Spotlight on UK Family SMEs’, found that family businesses contribute £180bn a year to the UK economy, with some boasting very impressive turnovers.

Despite this success, only around 30 per cent of family businesses in Britain survive into the second generation. One factor behind this low figure can be a reluctance to tackle the issue of succession planning at the right time.”

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