This time it is a piece from Canada putting the spotlight firmly on succession and Canadian family firms. Succession really is a global challenge that needs to be addressed.
Start with an open and honest conversation between the generations too!
An increasing number of business owners, especially retiring baby boomers, are wading through the complex process of transferring their companies to the next generation. Of course, not all business owners are choosing their children to run their companies, but experts say those who are should carefully plan the transition well in advance, taking into consideration interests of the company, the family and other stakeholders such as employees and shareholders. Only about half of business owners have a succession plan, according to the Canadian Federation of Business. Not having a plan can create turmoil among family members, especially if the business owner was to suddenly pass away. Who will own and run it then?