One-third of private business owners in the UK expect to sell up in the next decade, Grant Thornton’s International Business Report claims.

The global survey of 7,200 business owners in 32 countries revealed that 33% of privately owned UK businesses expect a change of ownership in the next 10 years, compared to a global average of 28%.

The UK’s figure has remained broadly static since 2003 but Grant Thornton believes there may be a rise in the number of companies selling in the near future ahead of an expected crackdown by new Prime Minister Gordon Brown on capital gains tax relief.

Of those companies that expect a change in ownership, more than half (53%) expect this to happen in a timeframe of three to five years, 18% within two years and 29% in six to 10 years.

Grant Thornton is urging business owners considering selling in the next decade to start making plans for it now. “Although the majority of UK businesses have a slightly longer time frame in mind when it comes to selling up, it is still crucial for them to have their exit plan in place,” said Alysoun Stewart, head of the consultancy’s strategic services group.

“Exiting from a business is one of the most important decisions a business owner makes both for the company and their own personal financial position,” she added.

“Careful and timely planning is essential to ensure the successful continuation of what has been built, to maximise the value of the business at exit and to protect the amount of wealth that ends up in the owner’s hands.”

A trade sale is the most popular sale option for UK businesses, highlighted by 51% of respondents, up from 40% in 2003, with a management buy-out or buy-in the second most likely at 16%, up from 10% in 2003. This is followed by investment by private equity (13%), up from 6% in 2003 and a flotation/IPO, cited by just 8%.