Estate & Succession

    What if your children don’t want the business you’ve spent 40 years building?

    Robert Wilcocks

    By , Founder, Quantum Life

    CISI Level 6 Advanced Financial Planning · Registered Life Planner®

    Published

    In short

    Tax changes have made business succession more urgent, but the first question is not tax — it is whether your children actually want the business, and what fair really means between them. Have that conversation around the kitchen table while you are still sitting at it, because a family business should be a legacy, not an obligation.

    Tony Attard has spent nearly four decades building Panaz, his Lancashire textile business.

    One of his sons already runs it. The plan was for the family to carry it on. Now he’s considering selling instead.

    The Times reported this week that tax changes and rising costs have made Attard reconsider what happens to the business he founded.

    His reasons are tax and costs. But his story made me think about a different question, one almost every family business eventually has to face.

    Do the children actually want it?
    Editorial poster reading What if your children don't want the business?

    You can spend 30 or 40 years building a business and naturally imagine the next generation carrying it on. Perhaps one child has worked alongside you for 15 years and can’t imagine doing anything else. Another might be perfectly happy being a teacher, architect or chef and have absolutely no desire to discuss EBITDA over Sunday lunch.

    Then comes the harder question. What does fair actually mean?

    Three children. Three equal shares.

    Nice and tidy.

    Except perhaps only one of them works in the business. One wants to sell. One wants to keep it. And suddenly Christmas is going to be interesting.

    1.Tax has made these conversations more urgent

    Since 6 April 2026, 100% Business Relief from Inheritance Tax is generally capped at £2.5 million per person of qualifying business and agricultural property. Qualifying value above that generally receives 50% relief. Any unused allowance can potentially transfer between spouses or civil partners, taking a couple’s allowance to £5 million.

    For owners of valuable family businesses, that deserves proper planning.

    2.But I wouldn’t start with the tax

    I’d start around the kitchen table.

    • Who genuinely wants to run the business?
    • Who is best placed to do it?

    or:

    • Should the people running it also own it?
    • Does treating your children fairly necessarily mean treating them equally?
    • And what happens if selling the business gives everyone, including you, a better life?

    These are much easier conversations to have while you’re still sitting at the table.

    A Guardian piece this week looked at a similar question around wills: whether children should know what their parents have decided before they die. Wills specialist Gary Rycroft argued for transparency, because unexpected decisions can leave families wondering not just what they have inherited, but why.

    You don’t need to turn every family meal into a board meeting.

    But if your succession plan is going to shape your children’s lives, it seems reasonable to find out what they think about it before they inherit it.

    A family business can be an extraordinary legacy.

    It shouldn’t have to be an obligation.

    True Wealth is freedom. For you, and for them.

    Rob

    Frequently asked questions

    What changed about Business Relief from Inheritance Tax in April 2026?

    Since 6 April 2026, 100% Business Relief is generally capped at £2.5 million per person of qualifying business and agricultural property. Qualifying value above that generally receives 50% relief, and any unused allowance can potentially transfer between spouses or civil partners, taking a couple's allowance to £5 million.

    Should I leave my business equally to all my children?

    Equal is not always fair. If only one child works in the business, equal shares can leave one running it while siblings who want to sell hold equal power. Whether the people running the business should also own it is a conversation worth having early.

    When should I talk to my children about succession?

    While you are still sitting at the table. If your succession plan will shape your children's lives, it is reasonable to find out what they think about it before they inherit it — unexpected decisions can leave families wondering not just what they inherited, but why.

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