Business Succession Planning
The issue of effective succession planning for a family business is critical to its ongoing success.
In fact, research shows that more than 65% of family businesses fail in the hands of the second generation, and another 20% fail when the business passes to the third generation. Other research has looked at the causes for these failures and has identified a number of common factors. Given the number of family businesses in Australia, this failure rate is serious and it is important that families address the issues within their family companies.
A Business Succession Plan can eliminate conflict and minimise disruption to a business caused by a change in leadership. Its purpose is to “pre-agree” to a strategy that will ensure a smooth transition (into the hands of the most appropriate leader) should a business owner retire, or leave a business unexpectedly.
The team at Coleman Greig has significant expertise in this field, having assisted many family-owned businesses to successfully move forward and achieve great results following a change in ownership or leadership.
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