Business Continuity & Succession Planning
- July 20, 2023
- Posted by: amcadmin
- Categories: Management Consultancy, Succession Planning
As you would probably know, family businesses account for about two thirds (2/3) of all businesses around the world. But, did you know that only 30% of family businesses transfer, successfully, from first generation to second? The figure drops to 12% for second generation to third while it is only 3% for third generation to fourth.
If that sounds alarming, or at least relevant, to your business –or the ones you are closely associated with – it is the right time now to think seriously about Business Succession Planning.
Family businesses have several issues that work against the successful continuation of the business. Also, they often have intimate histories and complex cultures. Fortunately, most of these can be easily overcome with focus & planning and by paying attention to the details.
Research amongst successfully continuing business families highlight the value of an independent external advisor whose objective approach wins the trust of all family members while ensuring confidentiality