The Truth About Business Succession
The latest Research tells a concerning story:
- Only 19% of family businesses have successfully transitioned to the second generation (the last 5 years – PWC)
- Globally only 24% of family businesses are focused on the next generation, or any transition of ownership (PWC 2021)
- The failure to properly position, train and develop the next generation take on added responsibility and empowerment, will almost always result in failure to successfully transition a family business (HBR 2022)
- The same applies to both family of non-family businesses (HBR 2022)