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According to an article on investmentbank.com, roughly 40% of family-owned businesses will have leadership changes over the next 5 years. Succession planning has never been more important!
Most adults do not have a will, so it’s not surprising that many business owners have no succession plan for their business. Our mortality is not a subject on which many of us desire to dwell. Many don’t want to think about passing off their legacy to someone else.
In Ecclesiastes 2, Solomon wrote, “I hated all the things I had toiled for under the sun, because I must leave them to the one who comes after me. And who knows whether that person will be wise or foolish?”
The first step towards succession planning is recognizing why you’re hesitant to develop a plan.
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