IN 2018 SUCCESSION IS THE MOST PRESSING ISSUE FACING FAMILIES IN BUSINESS


These comments have been posted by me before but are worth while repeating.

When My father died in 1981 he had never held a conversation with any of us five siblings about what happens if he died. He was the sole owner and could not bring himself to talk about it. I certainly tried on many occasions but to no avail.

When he died he took his knowledge with him. Nothing was written down. Fortunately my brother and I had a similar business in Melbourne in the same industry manufacturing and selling the similar products. We were able to put the pieces together.. However, the business was then sold by the executors without consultation or discussion with any interested family members who might have been willing to buy it as he never had the conversation or had a succession plan. 

Such a waste of years of hard work by our parents.

There is family business research from PWC that highlights that most male business owners have not even had this conversation with their wife/partner.

I have worked with three families in business in recent times where the owner died suddenly and, in all instances, there was no written or agreed succession plan with those remaining.

When are you going to have that difficult conversation in your family?



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