Research from Deloitte found that 62% of family business leaders do not view succession as a priority at this moment. That same research found that 85% of leaders believe succession planning is key to their business’s future. If succession planning is deemed important, why are so many leaders not prioritizing it?
Because it is personal. The current leadership must wrestle with relinquishing control, trusting the Next Gen, and finding an identity outside the business. It’s much easier to defer succession planning and focus instead on one more year of goals and decisions.
Succession planning is invariably bumped to later, and rarely circled back to.
What are the consequences for the family businesses if they refuse to prioritize succession planning? This article has the answer.
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