The Top 9 Reasons Why Family Businesses Fail To Do Succession Planning

A major challenge that family business leaders face today is inefficient and ineffective succession planning. There is every reason to get it right, but too often the process is not given enough consideration. Have you ever thought why this might be the case?
Listen to Wayne this week as he explains the Top 9 reasons why family businesses struggle with succession planning.
We look forward to your thoughts and comments.

Please click here to download the transcript.

  1. Nicely done Wayne; all 9 rang true at some point in time in my experience. Unfortunately, I’ve found deliberate lack of communication between operating family members to be a massive hurdle. The “silence is deafening” issue is due to a myriad of reasons with each one hurting the current business and its future growth. I’ve invested heavily in flak vests.

  2. Wayne:
    seemed like this one was designed for us….

    • Help is on the way, Kieran!

  3. Wow, this one just rings in my ears. I agree with Sandra, #6.
    Thanks Wayne.

  4. Thank you Wayne,
    I like this one: lots of info!
    Also : sometimes we do think it´s impossible and we think we´re the only ones with these issues…and therefor get very stuck without prospects. A little guidence from you can put things into perspective again and get us moving on the right track again. There is always a way…Thank you.
    Best regards,
    p.s. I particularly liked point 6

    • Thanks, Sandra!

    • Great work!!

  5. Can you discuss the advantages and disadvantages of using an Employee Stock Ownership Plan to transfer ownership of a closely held family business?

    • Sure, George. Stay tuned!

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