Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. The fact is, more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord – or both.
Closely held or family businesses have a low percentage of survivorship to future generations. Why? Inadequate or ineffective succession planning is at the root of the problem. Succession planning tackles the tough issues such as leadership, ownership, and the operational changes those family businesses with a strong founding leader face.
Any family business that wants to survive past the current generation needs to have a succession plan in place.
Learn more about it.
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