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This week marked the launch of our new topical events series at the beautiful Middleton Lodge — and we couldn’t have asked for a better start. Surrounded by thoughtful conversation and expert insight, we explored one of the most complex topics facing family businesses: how to realise the true value of a family business, both financially and emotionally.
We were joined by AAB’s Joel Topham, Tom La Dell, and Patrick Lynch, who each brought a unique perspective to the conversation. Joel, a Business Advisory Partner and head of the Family Business team in Leeds, advises family-run firms on structure, succession, and tax. Tom, a Chartered Financial Planner, supports clients with wealth management and financial planning, while Patrick, a Corporate Finance Partner, works with business owners on exits, acquisitions, and growth funding
This isn’t just a financial conversation, it’s an emotional one too. For many family business owners, the prospect of selling or handing over the reins is about far more than numbers. It’s about legacy, identity, and family dynamics.
The Emotional Side of Decision Making
The emotional side of succession is often underestimated. For many owners, their business is a huge part of their identity — not just a career, but a legacy. Letting go, even partially, can feel like a loss.
That’s why early conversations matter. Whether you’re thinking about a full sale, passing the business to the next generation, or something in between, having open and honest discussions with family members and anyone involved is essential. Everyone’s expectations, concerns, and hopes need to be on the table. It is important not to bury your head in the sand, especially if there is friction, openness is important and there is always a solution and a conclusion that can be reached.
Keeping or Selling? It’s Not Always Clear-Cut
One of the most common questions family business owners face is whether to keep the business or sell it, and what each route really means. There’s no one-size-fits-all answer. Some families decide to retain ownership but restructure; others consider external investment or even a full exit.
A lot depends on what the next generation wants (and whether they’re ready), and how the current generation sees their own role evolving. Not everyone wants to take over — and not every founder is ready to let go.
Fairness Isn’t Always Equality
When multiple family members are involved, aligning everyone’s expectations is rarely simple, it’s equity over equality. A successful transfer might involve different roles, different levels of ownership, or different ways of supporting family members — all tailored to what’s best for the business and the people involved.
It’s also critical to think about structure. Whether it’s transferring shares, setting up new ownership models, or managing tax implications, good planning makes all the difference. And while it can be tempting to avoid the more complex conversations, addressing them head-on is often what protects the business long-term.
Succession doesn’t have to mean stepping away overnight. A phased or staged transition can work well — especially when managed carefully — giving everyone time to adjust. But it does require clear boundaries and strong communication, particularly if roles and responsibilities are shared between generations for a time.
There’s always that question: What if the new owners get it wrong? It’s a valid concern — one that many founders quietly carry. But with the right planning, support, and shared understanding, a business can evolve without losing the values it was built on. Taking the time to prepare properly isn’t just practical — it’s how you make sure you’re leaving the business in safe, trusted hands.
If you are particularly interested in this topic, but couldn’t make it, we are more than happy to advise you — don’t hesitate to get in touch for personalised advice or a follow-up conversation here.
We’ll be continuing these topical conversations throughout the year — next up in May: The Family Business Legacy Fund. We’d love to welcome you at one of our future events.
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