There comes a time in every family business when the conversation can no longer be put off – who’s taking over the reins? It’s not always an easy discussion. Handing over the family business can feel like giving away your life’s work, while the next generation are often keen to make their mark (and perhaps change a few things). But a well-thought-out succession plan can make all the difference between a smooth transition and years of awkward Sunday lunches. At Navigate, we work closely with family-run businesses, and if there’s one thing we’ve learned, it’s that no two succession plans are ever the same. But there are a few common-sense steps that can help make the process less daunting – and much less emotional. Start the conversation early Succession isn’t just about who’s taking over – it’s about when, how, and on what terms. Starting the conversation early gives everyone time to get used to the idea and plan properly. It also gives you the breathing space to iron out any differences before they turn into bigger problems. And if you’re worried about it being awkward – you’re right, it might be. But it’ll be a lot more awkward if you leave it until the last minute. Be clear about roles and expectations It’s tempting to assume everyone knows what’s going to happen – but assumptions and family businesses rarely mix well. Clear, honest discussions about roles, responsibilities, and expectations help avoid misunderstandings later. Will the next generation take full control straightaway? Is there a handover period? Will you still be involved behind the scenes for a while? These are questions better answered now than in a crisis later. Get the legal and financial side sorted This is where things can get tricky without proper advice. Business valuations, shareholder agreements, tax planning – they all play a big part in making sure the handover is fair and financially sound. A rushed plan could leave you with unexpected tax bills or legal wrangles nobody wants. It’s not just about minimising tax (although that’s certainly part of it). It’s about protecting the future of the business and the family relationships that go with it. Think about the ‘what ifs’ Succession planning isn’t just about the best-case scenario where everything goes smoothly. It’s wise to consider the what ifs too – what if the next generation changes their mind? What if someone wants out down the line? Having a plan for the less-than-perfect situations can save a lot of heartache later. A good plan isn’t just a nice document for the bottom drawer – it’s a roadmap that protects the business, the family, and everything you’ve built. Don’t try to do it all yourself You’re an expert at running your business – but succession planning brings a different kind of challenge. Having an outside voice (one that knows a thing or two about family-run businesses) can be invaluable. Like we mentioned, we specialise in helping small-medium and family-run businesses with these exact conversations. We can help you put a practical, sensible plan in place – one that keeps the business thriving, the family happy, and the Sunday lunches civil. Ready to start the conversation? We’re here when you are. Call us on 01709 589 439 or book a call with our team .

According to the Financial Conduct Authority’s latest Financial Lives survey, millions of UK adults are walking a financial tightrope – with one in ten not having any savings whatsoever, and another 21% having less than £1,000 tucked away. But while the report paints a worrying picture, there’s good news too: your situation can change. Even small steps can have a big impact on your financial wellbeing. If you're feeling the pressure, here are some practical ways to regain control and start building up savings – no matter how tight things feel right now. 1. Start with a Financial Health Check Before you can make changes, you need to know where you stand. Look over your recent bank statements and make a list of: Your total monthly income Fixed costs (e.g. rent, utilities, transport) Variable costs (e.g. groceries, eating out, subscriptions) Any outstanding debts It’s not always easy to face the numbers, but understanding them gives you clarity – and control. 2. Build a Bare-Bones Budget A “bare-bones” budget covers essentials only: housing, food, utilities, and necessary travel. This can help identify any unnecessary spending that could be trimmed or paused. Ask yourself: Can I switch to a cheaper utility or phone provider? Are there subscriptions I’m not using? Could I swap one takeaway a month for a home-cooked meal? Redirecting even £10–£20 a month can be the seed of a savings habit. 3. Create a 'Rainy Day' Savings Pot Once you’ve identified some breathing room, open a dedicated savings account – ideally one that’s separate from your everyday current account to avoid dipping into it. Many banks now offer: Instant-access savings accounts Round-up savings (which round your purchases up to the nearest pound and save the spare change) Digital pots that let you assign money to specific goals Even saving £1 a day adds up to £365 a year – a helpful cushion when the boiler breaks or the car needs repairs. 4. Prioritise Debt, but Don’t Neglect Saving If you’re dealing with debt, it's important to prioritise high-interest balances first – like credit cards or payday loans. But that doesn’t mean you shouldn’t save at all. Having even a small savings buffer means you’re less likely to fall back into debt when unexpected costs arise. Consider a 70/30 approach: put 70% of any extra money towards debt and 30% into your emergency fund. 5. Seek Free, Trusted Advice You're not alone – and you don’t have to figure this out on your own either. The FCA’s report noted that help is available. You can speak to: StepChange Debt Charity MoneyHelper (formerly Money Advice Service) Citizens Advice These organisations offer confidential, free advice tailored to your situation. 6. Set a Simple Goal to Stay Motivated Saving can feel abstract when money is tight, so make your goal real. Are you saving for car repairs? An unexpected bill? A quiet Christmas? Naming your savings pot gives it purpose and keeps you motivated. Final Thought At Navigate, we know that managing money isn’t always easy – especially when things feel tight. It’s not just about what you earn, but how you stay on top of it. Making small, steady changes can ease the pressure and help you feel more in control. If you’d like some practical support or a second pair of eyes on your finances, we’re here to help. Call us on 01709 589 439 or book a call with our team .