Succession is a tricky topic and does not simply happen overnight. Latest research confirms that there is a lack of retirement and succession planning in place in many family businesses which can cause all sorts of issues.
Good insight into some of the challenges and the need for more conversations and more action too.
More than half of global family CEOs do not have a formal retirement plan and 70% of global family businesses do not have a formal succession plan, according to the 2019 STEP Global Family Business Survey, The impact of changing demographics on family business succession planning and governance. However, the report finds that Millennial CEOs are ready to take over.