Pictured above: Laurie Riley, from Dyke Yaxley Chartered Accountants, in Shrewsbury

Fewer than half the family-owned businesses in Shropshire have any plans in place for when the owner steps down.

And this is despite the fact that preparing for the owner's eventual exit needs careful consideration.

Laurie Riley, from Dyke Yaxley Chartered Accountants, in Shrewsbury, said: "Early planning and informed decisions could be the key to securing the future success of the company.

"Even if you feel you're not ready to exit the business, it's vital that business owners start planning now.

"Careful planning will give you time to identify and groom a successor, and ensure that the transitional period is as smooth as possible. Last minute or rushed decisions could jeopardise the business and its future."

Laurie said owners might consider transferring the business to a family member or take the first step by bringing them into the management team.

"You could also coach a non-family team member who understands the business and has the skills to take the company forward.

"Remember though that you will need to be objective and select who really is the best person to take over your role, and you'll need to think about mentoring and training too."

Another option would be to dispose of the business altogether through a sale, management buyout, management buy-in, or voluntary liquidation.

"Once you have decided on the right approach, you should formalise the plan and a timetable of actions to be taken, as a succession plan may take several years to introduce.

"Handing over the reins of your business is a big step and it's important you get expert advice throughout the process to ensure you minimise your tax liability and maximise your personal wealth."