The “It’s Time to Talk” campaign by the Society of Trust and Estate Practitioners is designed to encourage family business owners to start conversations about succession planning and the future of their businesses.

The campaign provides resources, guides, and practical tools that help families discuss:

• Succession planning
• Business continuity
• Governance of family businesses
• Estate and wealth transition

This is important because research cited by STEP shows that 69% of family business owners in the UK do not have a succession plan, and only 32% have an up-to-date will.  According to the research, the top three reasons for not having a succession plan are:

• 27% said they know they should do it, but haven’t got around to it;
• 15% think they don’t need to do this yet as there is plenty of time to plan;
• 14% don’t have a clear successor.

At the time of the survey, a significant change in health (24%), wanting to step back or retire (23%) or when reaching the age of 60 or more (22%) were the main trigger points given that would motivate those family businesses without a succession plan to put one in place.

However, early conversations with family members and proper succession planning significantly reduce the risk of conflict and help preserve the business, its values, and its legacy for future generations. Most family business owners wish to keep the business within the family, making proactive planning and open communication essential for long-term stability and continuity.

The “It’s time to talk” Campaign recommends the following guides on how to start succession planning within the family and family business.

1. Getting Started Guide (Succession Planning)

This resource encourages family business owners to begin open discussions about the future of their businesses. It provides practical guidance on how to start succession conversations, identify shared family values, and ensure younger generations are prepared to take on future responsibilities within the business. You can find them here: https://www.step.org/press-office/its-good-talk-and-even-better-plan-your-family-businesss-future

2. Transitioning your family business: a guide to letting go and moving forward:

Many founders struggle with letting go, whether due to a sense of irreplaceability, a reluctance to face the unknown, or simply the deeply personal attachment they have to the business. Most times the difficulty arises from the fear that no one can run this business as well as you can or what you will be doing after the transition. However, it is noteworthy that the future generation are also hesitant and may feel demotivated or not included where there’s no clear path to succession.

Effective succession planning is not just about preparing a will, it requires addressing difficult questions about family goals, career aspirations, and the readiness of those involved. Starting early helps avoid confusion, conflict, and disruption within the business. It also requires preparing both the family and the business for changes in roles, responsibilities, and relationships. Rather than rushing to decide who will inherit leadership, the focus should be on strengthening family unity and ensuring everyone is prepared to work together to build the future of the business.

This resource outlines a structured approach to succession planning, including identifying transition triggers, preparing the next generation for leadership, evaluating succession options, and developing a clear timeline for transition. It emphasises collaboration between generations to ensure both business continuity and family cohesion. You can find this resource here: https://www.step.org/press-office/transitioning-your-family-business-guide-letting-go-and-moving-forward

3. Creation of An Emergency Board Plan

The Emergency Board Plan is a document that provides guidance on managing the business in the event of a sudden absence, outlining short term key roles and responsibilities. It is a practical, step-by-step protocol that outlines immediate actions to take where the family business owner is unavailable. It’s not a legally binding document but a strategic guide that can prevent delays, reassure employees and instil confidence among key stakeholders.

Drafting an Emergency Board Plan may initially feel like relinquishing control, but its purpose is to protect the business by ensuring continuity if the owner becomes unavailable. The plan can outline strategies for managing the business during emergencies, including options such as an organised sale or temporary leadership arrangements, and may also encourage capable family members to take on roles in the business. Over time, the plan can expand to incorporate the owner’s long-term vision, guiding leadership on growth, market changes, and expectations for family shareholders. When combined with tools such as a will, trusts, powers of attorney, and sound corporate governance, an Emergency Board Plan helps make succession planning more structured, practical, and capable of preserving the business for the future. To read more about what an emergency board plan should contain, click here: https://www.step.org/press-office/preparing-your-family-business-unexpected

4. Creation of a Family Constitution

A family constitution is a written statement that records the family’s heritage, culture, hopes and aspirations for future success, and plans how to achieve that success. The document enables the smooth running of family affairs and interests by containing a number of provisions for different events. They provide a framework for engaging with family members involved in the business. They also take in related investment companies, the family office, and the trustees of family trusts.

A family constitution should contain answers to the following questions:

• Where do we come from?
• Where are we now?
• Where do we want to go?
• What are our guiding principles?
• Should the business always be owned by the family?
• Can the family release their interest in the business, and if so, on what terms?
• What criteria should there be for employment of family members in the business?
• How do we make decisions?
• Who should lead?
• Should that leadership rotate?
• How often should we discuss succession?
• Should there be a family council?
• Should there be any associated provisions, and if so, what?

The family constitution is not a binding document but it helps to avoid potential catastrophic fall-outs by anticipating what should happen should a major family event occur. It is also important to gain the inputs of all family members when drafting it as they will respect that they were consulted even if ultimately, the provisions do not come out in their favour. To read more, click here: https://www.step.org/press-office/what-family-constitution-and-why-do-we-need-one

5. Family Dialogues on the Responsible Stewardship of Wealth – STEP Guide

This guide provides a structured framework to help families and their advisors initiate meaningful conversations about wealth stewardship, governance, succession planning, and long-term legacy planning. It explores key themes such as family values, mental capacity, asset protection, succession structures, philanthropy, and the responsibilities of wealth owners to society. The guide is designed to facilitate open dialogue within families and support advisors in helping clients preserve and grow wealth across generations.

Key themes include:

• Responsible Stewardship of Wealth: Emphasises the careful and accountable management of family wealth and assets to benefit both current and future generations.
• Long-Term Family Planning: Encourages families to adopt a long-term perspective in managing wealth, balancing present needs with the responsibility to preserve assets for future generations.
• Family Governance: Highlights the importance of clear governance structures, open communication, and shared decision-making to maintain family unity and manage wealth effectively.
• Succession Planning and Asset Protection: Promotes proactive planning for leadership transitions and the use of legal and governance structures to protect family wealth and business continuity.
• Mental Capacity and Family Well-Being: Recognises the impact of mental health and capacity issues on decision-making and encourages families to address these issues sensitively and proactively.
• Preparing the Next Generation: Encourages educating and involving younger family members in wealth management, governance, and responsible ownership.
• Family Business Sustainability: Promotes long-term, values-driven approaches to managing family businesses and balancing profitability with stakeholder responsibility.
• Philanthropy and Social Responsibility: Encourages families to consider how their wealth can contribute positively to society through philanthropy and responsible investment.
• Tax Responsibility and Public Policy: Highlights the importance of responsible engagement with tax systems and regulatory frameworks as part of ethical wealth stewardship.

This resource can be found here:  

At a time when global conversations around wealth, taxation, and responsibility are becoming more urgent and complex, the question is no longer how much wealth one holds—but how well it is stewarded.

Fiduciary Services Limited is proud to present the STEP “Attitudes to Wealth 2025” report, a compelling international study revealing how today’s affluent and ultra-affluent individuals are rethinking legacy, impact, and the true purpose of wealth.

Drawn from the insights of over 900 trusted advisors across 86 countries, this report offers a rare glimpse into how HNIs and their advisors are navigating:

• The rise of values-driven and multi-generational wealth planning
• Shifting attitudes toward taxation, privacy, and social contribution
• The increasing expectation for advisors to offer more than just financial expertise.
  
  

As a firm deeply committed to responsible wealth management and intergenerational planning, we invite our clients and partners to explore these emerging perspectives—and to reflect on what they might mean for their own strategies.