Succession in a family business is all about robust conversations

The one thing I find missing when I talk to owners of family business is the ability to have meaningful conversations with all members of the family group, both immediate and external about what happens when its time to move on.

PwC research highlights that male owners don't engage in succession conversation with their wives and, less so with daughters-in-law.

It's too late as they carry your coffin out the church door.

Clare Stirzaker, UK family governance leader at PwC, said: 
“A robust, documented and well communicated succession plan will stand the best chance of success. The next generation are the future. They bring continuity of family and business, new ideas, energy and enthusiasm. Engage them at the right time, support and nurture them and crucially talk to them about the shared value and purpose in the role they play.”

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