Family Business Owners Fooling Themselves About Succession…

October 2007
Journal of Financial Planning;Oct2007, Vol. 20 Issue 10, p12
Academic Journal
The article discusses succession issues for owners of family businesses, as revealed by a survey conducted by the wealth-management firm Laird Norton Tyee. More than nine out of ten family-business owners depend upon the business for nearly all of their income. Although over half of the majority shareholders in such firms are at least 55 years old, fewer than a third have drawn up a succession plan. Most don't mandate that family members entering the firm have appropriate qualifications, although 25% do not consider their progeny sufficiently qualified to take over the business. Almost half have never committed to paper a strategic plan.


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