Family owned businesses have unique characteristics, particularly in the areas of culture, ownership and succession. The slides presenting PwC’s recent US Family Business Survey contained in the 2/4/2015 FEI Private Company Roundtable webcast do indeed provide some interesting insights about family owned businesses.
52% of owners do not plan on passing the business on to the next generation to run
These interesting insights include:
- 73% of surveyed businesses do not have a documented succession plan in place for senior roles
- Family businesses are experiencing ‘Sticky Baton Syndrome’, where the older generation is reluctant to hand over full control to the younger generation. 56% of family business owners predict they will stay involved longer than they’d like to ensure a smooth leadership transition
- 52% of owners do not plan on passing the business on to the next generation to run (including 7% that don’t know)
B2B CFO® partners and our networks of complimentary advisors can help family business owners prepare themselves, their family, their teams and their businesses for a successful and timely transition. Please contact me to discuss how I and my network can help you.