In study after study, one fact remains consistent – lack of strategic succession planning results in a 30% loss in the value of your business at the time of sale. Even in the light of this harsh reality, two-thirds of small business owners recently surveyed described their succession plans as “non-existent or poor.” And what about family-owned businesses? Nearly 90% of these owners stated they believe members of their family will be running their company in five years. Yet, in reality, only 30% of family businesses survive into the second generation. If your business is among the 70% which do not remain in your family, will your company be attractive to potential buyers when placed on the market for sale? Without a doubt, a strategic succession plan to properly position your business and boost its value before it’s time to sell.
