72% of family-owned businesses fail to survive the transition to the second generation.*
What will happen to your business when you leave?
As a business owner, you know the importance of planning ahead. But did you know that most small businesses do not have a documented and communicated succession plan?
Research shows that 48% of business owners plan to leave the business in the next five years, but only 35% have a succession plan.* Those who start planning for their succession 10 years ahead have shown to have an 85% success rate, while those planning ahead by two years or less had only a 25% success rate.** Preparation pays off.
There is so much planning to do when building your succession strategy. From deciding whether to sell to an outside party or pass it on to family, to getting a business valuation and figuring out tax strategies† for the transition, to communicating with the appropriate parties — there are many moving parts.
We love helping business owners like you better prepare for the future – contact us to discuss your unique needs.
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** BluePrint for Business, Family Business Succession Planning, 2009. Most recent data available.
† We do not provide legal or tax advice. Consult your legal and/or tax advisor.