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Succession planning helps prepare for the inevitable.
Succession is an inevitable issue facing every family business. The question of who will replace the current owners and officers of the business once they retire or die is the thorniest issue family business owners face.
Planning can mean the difference between success and failure for the continued viability of the business.
Few family businesses survive into the third generation. Only 30 percent survive for more than one generation, 15 percent last for two generations, and 1 percent survive for three or more generations.
The leading reasons so many family businesses fail are:
* Unresolved family discord and indifference.
* Bad management, including lack of leadership and training.
* Lack of, or inadequate, business succession and wealth transfer planning.
* High taxes (death and income taxes). …
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- Family Business Succession Planning
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Magazine article from: Journal of Accountancy
Francis, Barton C.
August 1, 1993
700+ words
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- Ten Most Prevalent Obstacles to Family-Business Succession Planning.
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Magazine article from: Family Business Review
Hubler, Thomas Kaye, Kenneth
June 1, 1999
700+ words
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- EXECUTIVE BRIEFING: FAMILY BUSINESS SUCCESSION PLANNING.
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Magazine article from: Business Horizons
Dascher, Paul E. Jens, William G.
September 1, 1999
700+ words
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- Succession Planning in Family Business: The Impact of Owner Gender.
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Magazine article from: Family Business Review
Harveston, Paula D. Davis, Peter S. Lyden, Julie A.
December 1, 1997
700+ words
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- Succession Planning For The Family Business.
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Magazine article from: Denver Business Journal
Fine, Mira
November 17, 2000
700+ words
