As we know from the statistics, about 75% of Irish businesses are family controlled or owner managed. However, less than 30% of these businesses will pass on to the next generation. Generally family businesses in the retail industry are no different.

The following points should be considered in order to achieve a successful succession.

  • start planning early;
  • involve children at young age;
  • outside experience;
  • create wealth outside;
  • all the family may not be involved; and 
  • go at the right time.