Family business? Don’t be an ostrich

Building a family business can be a tremendously rewarding activity but sometimes the big questions are left unanswered for too long.

How do you get your money out if you need to and who will look after the business in your retirement? Kevin Carey, managing director at McDade Roberts Chartered Accountants has met countless business owners facing these questions so we interviewed him to find out about common family business issues.

"Succession planning for example is an emotive subject. When will a key member of the family retire and who will get the business in a Will are both big questions that can be dealt with in an ostrich manner.

"Family business owners need to think about when they would like to retire and start planning for this as soon as possible. They need to address whether they have sufficient funds to retire and how they would like the legacy of their business managed in the future. Is there a suitable management team to take things forward? Each family member will have different skills so it is important to take an impartial view.