Family Businesses Unprepared for Succession
A new survey showed Family Business need to prepare for continuation by the next generation. Among the survey’s other key findings:
25 percent of the businesses think the next generation is not competent to move into leadership roles.
92.6 percent say the family business is their primary source of income.
60 percent of majority shareholders in family businesses are age 55or older.
Without planning, many of these businesses will fail or greatly diminish in value leaving the owners far less than they deserve. The full article is at the Orlando Business Journal
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