Family Business Succession Planning. Who Will Lead A Business Into Its Next Stage?

Succession planning is the process of deciding who will lead a business into its next stage of development. In the context of Irish SME businesses family members are often viewed as the logical choice to drive a business into its next chapter.

Business which pass to the next generation can benefit from advantages, such as;

  • Strong identity
  • Continuity of values
  • Greater stakeholder loyalty
  • Increased flexibility

However despite the benefits notes, research shows fewer than 20% of family business survive into a third generation.

With that in mind we’ve outlined a series of simple questions which might help initiate the succession planning process.  

Succession planning

What questions do you have?

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