Family business: How to avoid a succession nightmare scenario

Early planning and clear communication are key, so people aren’t finding out about the founder’s intentions when their will is being read

When family members fall out over succession, 'the parents lose, the children lose and the business loses'. Photograph: iStock

For a family business to survive long term, serious consideration must be given to who will succeed Mum and Dad. The first step is to determine whether the next generation wants it.

“Not everybody wants to run a business or has an interest,” says Alan Murray, tax partner at Forvis Mazars.