The global challenge that is succession is just as prevalent in Australia where it is estimated 1.5 million business owners will be stepping down in the next ten years and with few yet having succession plans in place, the time really is NOW in order to have the discussions to work out a plan for the future, increase the chances of a successful inter-generational transition or to maximise the value of the business for a sale.
Succession can be a challenge for many as it is personal. Food for thought but the challenge is not exclusive to Australia - succession is a challenge for families in business the world over.
Over the next decade, 1.5 million Australian business owners will be retiring. However, recent research shows that only 16% of Australian businesses are equipped with a succession plan. Planning for succession can be a difficult conversation to have within a family business, however, according to Philip Pryor, it’s a vital one to have to ensure the business is sustainable in the long-term.