Many owners of both small and large family businesses are reluctant to undertake succession planning and end up doing so as a result of other personal planning. Whether the owner or owners are addressing their estate or their retirement, neither can be adequately structured without having made plans for what is most likely the owner’s largest asset, the family business.According to PwC’s 2019 U.S. Family Business Survey, 58% of family businesses report having succession plans. But most are informal, and only 18% claim to have robust plans in place.The reluctance to plan is understandable given the number of emotional decisions that need
7 Steps for Creating a Smart Succession Plan
Most family businesses claim to have a succession plan in place, but many of those are informal, increasing the chance that a transition of business ownership might not go smoothly. Here are some tips to ensure a solid plan is in place.
Jul 01, 2020 | by Mark Leyden |
