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 A growing number of family businesses are not passed down to second generations, one expert has said.Law firm Veale Wasbrough has suggested that many small business owners view their companies as a source of income for retirement. As a result, parents often sell small family-run companies instead of passing them on to their children, explains Nicolas Smith, partner at the legal firm. "Often the only way to fund retirement will be from a sale of the business, so inheritance to the next generation fails," he said. "The statistics back this up with only a relatively small proportion of family businesses [making] it through to the second generation," Mr Smith added, suggesting that financial advice is important for smaller businesses. "Financial planning needs to be very carefully thought out," he concluded. The Institute for Family Business estimates that family-run firms account for 65 per cent of the 4.6 million private sector companies in the UK. 
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