Baker Tilly International Research Indicates Keeping Harmony in the Family a Top Priority When Planning Succession of the Business
29 May 2013
Baker Tilly International in co-operation with Baker Tilly Pitcher Partners and Swinburne University, has taken a closer look to both the sociological and economic implications for the family business succession process. With the research ongoing, here is a first look at the initial results:
Main triggers for undertaking succession planning?
- Owner ready to step down
- Taxation and estate planning advice
- Next generation ready to step up
At the outset, what were the most important considerations?
- Continuity of the business
- Ongoing jobs for my employees
- Family harmony
What were the main challenges to succession planning?
- The capacity of the business to provide adequate financial returns, support retirement and support the next generation
- The next generation lacking the necessary skills, not being interested or not being old enough
What is happening with the business when succession completed?
- 57% said the business will be kept in the family
- 27% said the business will be sold
- 16% are unsure what will happen
Where the business is retained, who will be the next CEO?
- 44% indicated it will be a family member
- 36% said a non-family member
- 20% are unsure
If you wish to participate in this research, please visit https://www.research.net/s/BTISuccessionSurvey
Read the full article First Look: Developing A New Map For Effective Business Succession in Family Businesses published in the European Business Review.
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