Succession Planning Can Be A Great Opportunity To Grow Long Term Value
88% of current family business owners believe the same family, or families, will control their business in five years, however succession statistics undermine this belief. Only about 30% of family businesses survive into the second generation, only 12% are still viable into the third generation, and only about 3% of all family businesses operate into the fourth generation or beyond.
The statistics reveal a disconnect between the optimistic belief of today's business owners and the reality of family run businesses being unable to survive through the generations. The number one reason has been traced back to a lack of business succession planning.
For most family and closely held businesses, planning for succession is the toughest and most critical challenge they face. Yet, succession planning can also be a great opportunity to maximize opportunities and create a multi-generational institution that embodies the founder’s mission and values long after they are gone.
Effective transition of your business to your successors is critical to its continued prosperity. With a solid background in tax, succession and estate planning, and other financial matters, we are fully qualified to address the complex issues of business continuation.
We can assist families and closely held businesses with multi-generational planning by helping them address issues related to, not only the ownership succession but, management succession planning and leadership development as well.
