Did you know that only about 30% of family businesses continue into the second generation, 12% are still sustainable into the third generation, and approximately 3% of all family businesses operate into the fourth generation.
Much planning and oversight goes into securing the long-term development and growth of a personal business to ensure its survival for the well-being of the owners, their offspring and families.
However, when the time comes for retirement of the owners, the type of financial planning needed to affect that outcome changes.
It is this very planning – that of securing the transition of a corporate entity from one focused solely on its growth and development to one whose growth and development must also fund the needed retirement income and change of ownership to the next generation that is the concern of our experienced Business Family Succession Planning experts.
If you are concerned about your Business Family Succession Plan, or do not currently have a plan in place, maybe it’s time you gave us a call.