A couple of other key findings are noteworthy:
- “More than a quarter of the family businesses in our survey—and fully a third in the emerging markets—were anticipating a change in leadership during the next five years”
- “Only 61% of the entrepreneurs we interviewed said they had enough resources to divide their assets fairly between all their heirs, including relatives who don’t work for the company. A considerable number also told us they haven’t valued their company, assessed their potential corporate or inheritance tax liabilities, or made provisions for dealing with the serious illness or sudden death of key personnel.”
You can download the entire study here.
These findings come from PWC’s second family business study, which is said to be the largest of its kind ever conducted.
If you are among these family businesses with no succession plan, you owe it to your family, your employees and your customers or clients to plan for a smooth transition when you decide to leave your position leading the business. We all know there are a few people in the world who look forward to the ego trip of watching everything fall apart without them.
Don’t you owe it to whoever will succeed you at the helm to make plans early enough for that person to have time to plan and prepare? Consider also that succession planning also has a number of huge benefits for your business right now.
If you would like to learn more about the immediate and long-term benefits of succession planning, or if you need help creating a succession plan to maximize the value of your business and protect the future you have earned, call us today at 732-397-8489.
