SAT 25TH MAR 2017

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Succession Planning & The Family Firm

Is succession planning the biggest challenge facing the family business?

According to statistics only 10% of family firms make it to the third generation.  Clearly succession is a challenge but is it the biggest challenge facing family firms around the world today?  We asked our international panel of experts to find out.

Discussions Responses

Wayne Rivers - YES

I do, but I am quite biased! Most family firms have a culture of work, work, work, and then work some more. They have an urgency mindset focused on ta...

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Andre Diederichs - YES

World statistics indicate that the majority of family businesses do not successfully transfer ownership and management from generation to generation. ...

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Paul Andrews - NO

Without question, many family businesses the world over struggle with succession planning, both in terms of management succession and ownership succes...

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Barbara Hauser - UNDECIDED

No, in the traditional sense of succession planning. Succession planning usually means that someone has made a plan to identify his or her successor. ...

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Andrew Drake - YES

Particularly if you couple this with the largest single cause of problems in family businesses, namely communication (or lack of it). The problem is ...

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Nick Love - YES

Succession is always a challenging time for our family business clients (and their advisors!) and whenever we have carried out a survey it has been am...

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Grant Georgiades - NO

I would imagine that most family businesses begin with a vision of creating a multi-generational legacy. For this purpose ownership can still be retai...

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Simon Bloom - NO

I feel that the biggest challenge facing the family business is the capacity to have difficult and deep discussions. Of course one of these discussio...

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