A good insight into some of the barriers facing family firms looking to successfully pass the business on to future generations.
Nobody said it was easy!
Today’s family businesses have to clear a lot of hurdles if they want their company to survive in the hands of the next generation. They face problems created by globalisation, potential economic stagnation, demographic shifts, and changing consumer preferences. The first and largest barrier, however, is succession. The transfer of management and ownership of the business to the next generation is paramount to continued success.