Up to three quarters of British family firms are putting off succession planning, despite listing it as one of the top challenges they face, says the chief executive and founder of a family business organisation, who says fear of retirement, mortality and upsetting family harmony are among the factors driving this inaction.
The recent FIB research actually showed us that there are still just 6% of family businesses with a formal and structured succession plans in place demonstrating the often short sighted view being held along with only 16% of family businesses having a full, and protected, shareholders agreement. Are we learning nothing? Why with so many family businesses across the world are we still seeing such denial? Mainly because of primitive fear.