'Does your family have a succession plan?' This is one of the most common themes of research in respect of family businesses, and one of the most constant findings from these studies is that a sizeable number – getting close to a majority based on some reports – do not.
For those that do, the question of whether it has been written down and communicated to the rest of the family usually reveals very few have taken that additional step. With barely more than one in 10 family businesses making it to a third generation of ownership, it is worth thinking about how a family business can get succession right.
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