“Failure to plan, is planning to fail” (Not sure who exactly said this, google search reveals Alan Lakein may have said it first).
Transitioning in family businesses and succession planning are a difficult and tricky business. According to Forbes, a third of businesses make it to the second generation, and an even smaller portion make it to the fourth generation. 60% of business owners are over age 55, and 1/3rd are over age 65. And it makes sense, business owners are focused on their goals and building up their company, that they don’t think about who will take over. What steps can family business owners take to transition successfully?