A new survey has revealed that almost half of small business owners in the UK wish to pass their company on to their children once they retire.
The survey, by Close Brothers Business Asset Management, found that 63% want to keep their business in the family, with 48% planning to leave it to their children and 13% to their spouse.
However, 13% admit that they haven’t thought about succession planning, and 45% have not yet made plans to extract profit from their business when they retire.
Patrick Haines, regional head of advice at Close Brothers Asset Management, said “SMEs are the building blocks of the economy, and their longevity is crucial. Many are already multi-generation family businesses, but whether a company is newly formed, or centuries old, it’s encouraging that the majority of SME owners plan to protect their business and its heritage.”