A substantial number of family-owned businesses do not have a clear plan for succession when the founder is ready to retire. Up to 42 percent of family-owned businesses have not chosen a successor for when the patriarch or matriarch leaves the business. Often this is because the family leadership perceives the next generation as unready, […]
The Succession Planning Process in the Family Business
One of the leading family business challenges is the demand for leadership talent greatly exceeds supply. The “obvious” next in line to lead the family business may not be the best choice. In addition patriarchs often stay in their leadership positions well into their 70’s while the younger generation is trending toward earlier retirement. This […]
Why Are Family Businesses Ignoring Succession Planning?
Family business thought leaders have had much to say about succession planning lately. Despite all the buzz, a study at Kent State University found that 80% of family businesses do not have a succession plan. Some commonly held misconceptions about succession may be a major contributing factor. Misconception #1: If there are no imminent retirements, […]
5 Vital Succession Planning Tips for Family-Owned Businesses
It’s a shocking statistic, but one that any family-owned business should be aware of: less than half of all family-owned businesses survive into a second generation. And a major reason for this is failure of family-owned businesses to understand the importance of succession planning. The truth is, no matter where your business stands at this […]
5 Strategies of Successful Emerging Leaders
Today’s family business leaders have many things to be concerned about, from the way that their consumers are changing their buying habits, to the way that technology is permeating every aspect of the business. One age-old concern, however, is the method and transitional strategy behind the business’ emerging leadership. Are the new leader’s strategies going […]
