Another article on the need for family businesses to tackle the challenges associated with succession planning and the need to think about the future, in the hands of the next generation of the family, or sold to a third party.
Either outcome requires a lot of thought and planning to ensure the best end result and the sooner that the subject is added to the strategic agenda for family firms the better.
Business owners in large and small companies alike often fail to make exit plans for the disposal of their businesses as they edge toward retirement. Doing so can cause a wide range of problems, from owners failing to get the dollars they need to enjoy their retirement to an end of a business that means job and revenues losses for communities. “More than probably two-thirds of small business owners aren’t prepared to exit or don’t have a plan for succession in their business,” said Karl Klein, regional director of the Washburn University Small Business Development Center.