Succession planning is a risk and opportunity that businesses need to get right.
Many family firms do not stay in business long enough to achieve their goals. The findings of the PwC Family Business Survey 2016 reveal that only 12% of family businesses across the globe make it to the third generation. In addition to that, only 15% of these companies have anything resembling a succession plan in place.
Indeed, succession is a breaking point for family businesses. Whether business owners are looking to transition leadership to the next generation or sell the business in the future, it is important to build a pipeline of leadership.
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