Passing your business on to your family: 18 FAQs

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1. How far in advance should I start planning to pass the business on?
2. What are the main areas I need to plan?
3. Is it a good idea to pass the business on to the family?
4. What alternatives do I have to passing the business on to the family?
5. When should I pass the business on?
6. How can I share ownership among several children?
7. How can I share control among several children?
8. How can I treat my children fairly if some work in the business and some do not?
9. What can I do if my successor isn't ready to take control?
10. Am I free to choose whoever I like to be my successor?
11. How can I ensure that the business continues to keep to my values after I pass it on?
12. How do I groom a family successor?
13. Who should be involved in succession planning?
14. What are the most common problems in a family succession and how can we minimise the risks?
15. Should I stay on as an adviser after I retire?
16. Should I retain a financial interest in the business after I retire?
17. How can I pass the business on to my children but protect my spouse?
18. What is the best way to take money out of the business as part of passing it on?

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If you're already a registered Donut user, log in here for full access.