Around half of all the owners of small to medium-sized enterprises (SMEs) in the UK plan to eventually hand the reigns of their business over to their children.
CreditMan reports that 63 per cent of SME bosses told a recent survey that they would like to pass their business onto a member of their family when they finally decide to call it a day.
Of that group, 48 per cent planned on handing it down to their offspring, while one in ten said that they would prefer to give responsibility to their husband or wife.
A further 13 per cent said that they didn’t have any plans for succession – claiming that they hadn’t given the scenario much thought yet. In the construction industry, this view was held by 26 per cent of respondents.
Similarly, those in the distribution and wholesale industry were the least likely to hand down their pride and joy, while SME owners in the transport industry were the most likely to.
Posted by the Secret Businessman