Succession Planning for Family Businesses

Most family businesses lack succession plans

June 13, 2017 – 12:58 pm

Succession Planning for Family Businesses -Success Labs – Baton

Only 23 percent of family businesses have a robust succession plan in place, according to a new report from PricewaterhouseCoopers, with 46 percent of the family businesses polled saying they are reluctant to pass the business to the next generation.

The difficulties of succession planning in family businesses have come into stark relief with the high-profile case of Donald Trump. His decision to give control over his business empire to his sons Donald Jr. and Eric, with the likely continued involvement of his daughter Ivanka, has prompted concerns over whether it is enough to prevent a conflict of interest for an incoming president.

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