Business & Family Succession
Did you know that only 30% of family businesses continue into the second generation, 12% into the third generation, and only 3% of all family businesses operate into the fourth generation?¹ Business owners spend a lot of time planning for the long-term development and growth of their business to ensure its success. However, when the time comes for the business owner to retire, an additional layer of planning is required. The direction of the planning will depend on the desired outcome of the owner. Typically, the owner will want to do one of two things:
- transition the business to their next generation as efficiently as possible or
- position the business for a successful sale.
¹Source: Harvard Business Review.