Once shared values have been established, a plan must be created.  It is important that this plan is clear and has specific timeframes attached to it in relation to the handover of key responsibilities and transfer of any assets and debt facilities.  In my experience, successful handover may take up to three years as it is important that the next generation learns the ins and outs of the business and has time to form strong working relationships with the family's accountant, bank manager, solicitor, and any employees.

Creating the plan can be challenging though, due to a range of issues.  First, there are often differing ideas between generations about how to fairly divide assets and who should do what in terms of the decision-making and running of the business.

Second, plans must take into account all of the financial implications for all parties including capital gains tax, stamp duty, etc.  These are aspects which are important to discuss with an accountant.

Finally, implications for all family members must be considered, including children's current spouses or partners.  With today's statistics around marriage and relationship breakdown, there may be concerns about what may happen to assets which have been signed over if divorce or separation occurs.  It may be tempting to try to hold out until a 'perfect' arrangement becomes apparent that all parties immediately agree to, however, for most families, all parties will have to compromise.