Succession the Essentials

Succession presents families with a complex set of practical commercial options that have to be considered against a backdrop of bewildering psychological, emotional and cultural pressures. Many business owners, reluctant to give up control and preferring not to confront this difficult issue, decide that avoiding the subject is the best course for them. So, it is no surprise that less than 24 per cent of family businesses survive through to the second generation and only 13 per cent make it through to the third.