A recent BDO survey has found that family businesses are failing to properly plan for succession. Only 39% of respondents said they had a succession plan that nominate the next CEO. Only 21% of family businesses have actually been formally valued, despite that fact that 93% of respondents intend to transfer weath within the next five years.
The report goes on to say that “70% of family businesses have not professionalized their management or governance structures and are yet to engage in the difficult process of “letting go” of management and board control.”
If any of this sounds like you, we strongly recommend you take the time to talk to us about succession planning. The future of your business may depend on it.