Family Business Succession in the 21st Century
Succession planning is often thought of only in the context of transferring a business within a family. However, succession takes many forms in today’s market. It can comprise outcomes as diverse as the outright sale of the business to third parties, merging the business with others, the sale of the business to the management team and employees, the closure of the business and sale of assets or, in some cases, doing nothing and facing the gradual decline of the business.
We think of succession planning as an evolutionary process – business evolution.
The journey of succession: Where do I start?
Succession is a journey that should commence the day you start your business, but often only commences with a trigger, something that has initiated the decision to start the succession process.
Through a global research study, 2,400 business owners across 55 countries shared their experiences on the dynamics, barriers and strategies from their own succession planning process. The research allowed us to create the Eight Principles of Succession which are a common sense, practical guide to how you should view and conduct your own succession planning process. Read the findings of the global survey Succession Reset - Family Business Succession in the 21st Century (PDF 1.8mb).
Baker Tilly International has prepared a simple guide for closely held and family businesses to assist in the development and completion of a succession plan. Email us to request your free copy. Alternatively if you would like a specialist to guide you through the generational change in your business, locate your nearest member firm in the Worldwide Directory.
Our member firms understand the implications and impact of such change on businesses and families from diverse backgrounds. We have walked our clients through this journey, providing practical, honest advice based on extensive experience and specialised knowledge. Our focus is always on helping our clients identify, clarify and achieve the outcome that bests suit their unique circumstances.