[INFOGRAPHIC] How Prepared Are Business Families?
Insights Blog Post | November 2012
On November 14, 2012, we held an exclusive event for business families entitled “Fireproofing Your Family Business.”
The night was highlighted by David C. Bentall (http://www NULL.nxtstp NULL.net/about NULL.htm), a member of one of Vancouver’s most accomplished business families, who spoke on how to successfully transition family businesses from one generation to the next.
It was an insightful and informative evening that included a brief, anonymous survey filled out by business families in attendance.
You can find the results below, but first some interesting facts:
- Less than half have a shared family vision for the future of the business
- 67% see succession and retirement planning as one of their most pressing concerns
- 75% believe transition to the next generation will happen within the next 5 years
- Yet only 24% have a succession plan that all family members have agreed to
- 50% say the elder generation knows how much to set aside for retirement
- Yet only 41% have actually started saving that money outside the family business
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