Keeping it in the family is a great option when it comes to succession planning, but brings its own unique considerations - for example how do you separate work life from home life to ensure that personal feelings do not impact on business decisions? An independent third party can be a useful addition to a family practice - a non-executive director or a business adviser who can act as an impartial mediator when needed.

Kamlesh Rajput set up Sterling Finance (UK) Limited nearly 20 years ago when his son Adarsh was still a teenager and uninterested in accountancy. Read more about his thoughts on succession planning and how he'd like to keep it in the family.