Who will take over the family business?
Francis wanted to retire from the family business, but the question arose as to who should succeed her. Learn how we helped Francis and her family find the right succession plan.
27% of high-net-worth individuals do not have a plan for passing on their wealth.1
The challenge
Deciding what to do with the family business when there is no successor in the family can be an emotional time. Francis found herself in this situation. While her two adult children happily went their own ways, she didn't know who would succeed her when she retired.
The solution
A friend recommended Francis to talk to us. We spent time together and talked through everything. These three questions helped us get to the heart of the problems so that we could advise Francis.
Who are the beneficiaries of Francis?
Will everyone get the same?
Does she need more support to reflect on complex family situations?
From our discussions with Francis, we were able to create a customised wealth plan to provide for her loved ones and their family business. We recommended how to pass on her assets to her two children and helped her decide when and how to transfer her assets. We ensured that Francis' assets were optimally structured and helped her define a succession plan for her company, which allowed her to retire.
With an appropriate plan, Francis can look to the future with confidence.
Read the full report here, which was prepared in collaboration with the Financial Times' trading department.
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- Based on research conducted by Ipsos UK on behalf of Quintet Private Bank and BlackRock between 19th August and 27th September 2024.
- Source: Bloomberg, October 2024.
- As at the end of September 2024.