According to the PWC Business Survey, only 18% of family-owned businesses have a succession plan. This is difficult because it's tied up with the fact that
owner is going to retire. It seems there are a number of reasons given for this; economic uncertainty for one.
Family Sucession Planning should be a priority for every company who wants to pass on the business to next generation. There might be many questions
like who will manage the business, how the ownership will be transferred, how will other family members handle this decision and many more. Succession Planning gets tougher with family businesses as relations and emotions are involved.
It is advisable to start business succession planning early. Five years sounds good, ten years is even better. Most of the business advisers tell success minded business owners to build the exit strategy right into the business plan.
Read the blog "Family Succession" and know the major steps to make progress towards setting up a succession plan that allows that next CEO, your loved one, to gain the learning and experiences that he, or she, needs to succeed as CEO.
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