Family Businesses Face Big Issues
Nearly half of family business owners (43 percent) have no succession plan in place.*
Whilst nearly 70% of family businesses would like to pass their business on to the next generation, only 30% are successful in doing so.*
* source Peak Family Business Survey
The high failure rates of family businesses may seem unavoidable
Running a family business can be challenging:
They face common issues in dealing with:
- Conflict in the family
- Divorce
- Keeping up to date with the times and managing change
- Managing differences of opinion with family members
- Managing business succession to new generations in the family
- Engaging with and empowering the next generation
And most important…
Keeping day to day business out of family life
It may be time to avoid the pitfalls that can destroy a family business.