Why do 90% families fail to retain their wealth beyond the third generation?
Why do many family owned and managed firms come up against a ceiling?
Why is it so difficult to let go?
What are the best ways to organise a family enterprise keeping the best of hard won experience and youthful energy?
The succession or exit plans for your business(es) will almost certainly have a bearing on how to structure the family's financial affairs and this planning needs to be started early.
According to the Family Business Place survey carried out in 2014 by the eminent London Solicitors Charles Russell, the 3 million UK-based family businesses generate £1.1 Trillion in annual sales and employ 9.2 million people. No wonder they are such a crucial part of the economy.
However, the survey included the horrifying conclusion that due to lack of succession plans, 65% of these businesses considered closing the doors upon retirement for lack of a better idea. That's a lot of capital to flush down the drain.
This is what the Alanbrookes Family Planning service is all about. Getting everyone involved and preparing the right plan for you to ensure that there is a legacy to your work.