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In association with
Family businesses across the UK make a huge contribution to the economy and, while growth and expansion are top priorities for many family firms, a sizable proportion will consider selling their businesses at some point.
By Jennifer Bell, corporate and restructuring solicitor at Forbes Solicitors.When the time comes to step back, many owners want to leave the future of their business in the hands of someone who will:
- Pay the right price
- Take care of the employees
- Honour their legacy
- Look after the business as they would
It also takes time to sell a business. There is a lot of due diligence involved and discussions to be had.
Furthermore, due to the emotional aspects of selling a family business it is imperative to ensure that all the family members involved are aligned in their thinking. If they are not and this isn’t addressed early on it could result in never-ending disagreements about the details of the sale.
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