By Nathan Sutcliffe
MHA MacIntyre Hudson
PASSING on your family business to the next generation is a significant moment. It's often the culmination of a lifetime of blood, sweat and tears from which you hope the next generation can benefit.
As ever, planning ahead is crucial and the key figures in the older generation will generally have spent a great deal of time mentoring and grooming the next generation to succeed in the business. Having gone through that process, passing it on without an unnecessarily large tax bill is important.