Signs of optimism among family-owned businesses
CNBC - 01/13/2015
The survey found family-owned businesses with solid, formal succession plans are scarce.
Nearly 75 percent said they do not have a documented succession plan in place for senior roles in the company, PwC said. This maybe because many businesses think succession plans are a long, drawn-out process, said Ted Clark, executive director of the Northeastern University Center for Family Business.
“They think it’s a series of smaller preparations, a buy-sell agreement—but really it’s just understanding who would take over if something happens, and a plan to execute it,” Clark said.