Yet another headline focusing on the challenges faced by family firms when it comes to succession.
Despite the constant headlines and research findings it is amazing how many family firms don't have a succession plan in place, treat succession like the 'elephant in the room' and never talk about it, and fail to realise the need for honest debate around the future.
All businesses need to have a strategic plan in place to help them direct the business, source the right inputs and personnel and give them a routemap against which to assess their overall performance. Admittedly, plans change over time and the good thing about family firms is their ability to innovate and change but they do need to consider the future and at least have the discussions with the next generation and to think about the options.
Failure to plan for succession is tantamount to planning to fail, or at least, not realising the true potential and value of the family firm.
Half of Irish family businesses have no succession plan whatsoever and just one in seven has a robust plan, new research has shown.