Family business services
A successful family business are those with a good balance between professional management, responsible business ownership. Build lasting value with PwC.
However, good succession planning often means balancing business with emotions given the complex family dynamics at play. It’s important to bring the whole family together to align on a shared vision, values and purpose so you can build a strong foundation for ensuring mutual success.
As with selling your business, it’s important to start the succession process early, usually a minimum of three years in advance of the transition to address the various issues that can arise.
Key considerations for succession planning
- 1. Giving everyone a voice but not necessarily a vote
- 2. Thinking about your long-term legacy
- 3. Preparing the next generation
- 4. Listening to the changing needs of the next generation
- 5. Addressing traditional challenges
1. Giving everyone a voice but not necessarily a vote
Current owners need to listen seriously to the goals and aspirations of their successors. While hearing from all family members is important, having a voice doesn’t necessarily mean someone has a vote on company matters.
We understand the unique challenges of family businesses. We combine our deep insights into family dynamics with technology-enabled solutions to help you navigate this once-in-a-lifetime opportunity.
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Partner, Corporate Finance - Head of Private Business, PwC United Kingdom
Tel: +44 (0)7763 383782
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