Family Business Succession Plans - The Missing Link?
Family business succession plans are critical to organizational growth and longevity. Yet the Canadian Federation of Independent Business reports that only 10% of family-owned business executives have developed a formal written plan. An additional 38% have given some thought to the process, but have not formalized their intentions. That leaves 52% without a formalized succession management strategy. Many business owners have not even begun discussions of transition management with stakeholders.
These statistics give rise for concern, since it is estimated that over one trillion dollars in business assets will change hands over the next decade.
Succession Management - ABFI is Here to help
Unfortunately, there is no magic template for succession management. The development of a family business succession plan is a process that requires an investment in time and energy. That investment can pay dividends, however, for you and your family.
Not sure where to start? The Alberta Business Family Institute is here to help with resources, training, strategies, mentoring, information on best practices and more.
Business Succession Planning - Start with the Basics
You can begin your business succession planning right now, by answering questions like...Do you want to sell the company or hand it down to the next generation? Who would be a suitable successor and will he or she be ready when you are? How will ownership be transferred? When would you like to retire?
At ABFI, we are committed to helping family-owned enterprises not only survive, but thrive. Learn more about family business succession plans through programs such as RoadMap and Retirement Planning or explore further web pages on Succession Planning, Succession Management and Management Transition Plans.
to begin planning for your future.