Management Succession Planning is Important to Your Clients – Do You Know Why?
As a professional serving business owners you know that they have 70-90% of their assets tied up directly or indirectly in the business.
You also know that the day will come when those dollars have to be unlocked in order for the senior generation to have a reliable predictable and guaranteed exit strategy.
What is your role in the process?
Here is the opening paragraph of an important article – read the article in full and add your comments.
Decades of statistics illustrate that most successful businesses ultimately fail .
In fact only 35% of successful family businesses (and virtually all small businesses are family owned) survive through the second generation, and of those only 20% survive through the third.
The reasons are typically straightforward and the excuses have been the same, from my personal experience, for over a quarter of a century.
How do I define failure when taking about these successful businesses? Why do I say these business fail?
What are the options available to a successful family business owner when the founder or senior generation of owners come to the end of their careers?
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