Who's Next - Succession Planning
You plan for the start of your business and throughout the life of your business. What many fail to plan for is the ending of your business. Some 80 per cent of private firms in Canada are family owned. However, a majority of first-generation family businesses have no succession plan. Common reasons include resistance by the owner to let go of the reins, fear of retirement or inability to find or choose an effective successor. Transferring ownership can be highly emotional and complicated, which is why often it is ignored until it becomes a pressing issue, for example, when the owner becomes ill or too old to carry on running the business. Often, pressured business owners forced to consider a range of important daily issues take a short-term view and consequently end up failing to attach enough importance to succession. Find out more at: https://m.infoentrepreneurs.org/en/guides/succession-planning-and-business-transfer/ Let Cerberus Consulting help you with your succession planning!