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.
