Only 1 In 3 Family Business Owners Have A Formal Succession Plan

A well-structured succession plan is key to ensuring the smooth transition of a family business, yet many owners remain unprepared. A recent survey of over 500 UK family business owners reveals that only one-third have a formal succession plan in place. Meanwhile, 46% are still working on a plan, and 19% have no plan at all, leaving the future success of their business uncertain.

With owners aiming to transfer ownership within the next 12 years on average, delays in planning could create instability and increase the risk of conflict. In fact, 36% of owners worry about family tensions, while 35% fear for their business’s long-term success.

Jeff Simpson, Chartered Financial Planner at Hymans Robertson Personal Wealth, stresses the importance of proactive succession planning, stating, “Without early preparation, challenges such as leadership readiness, tax burdens, and business continuity become even harder to navigate. Seeking professional guidance and developing a structured plan can help business owners transition with confidence, helping to ensure their legacy is protected.”

Hymans Robertson Personal Wealth has created a summary of the key survey findings, offering insights and strategies for a successful ownership transfer. Click here to read the full report.