As Winston Churchill famously said, “He who fails to plan is planning to fail.” The statement is particularly relevant when considering why so many businesses fail to survive following the death, disability or retirement of a company founder or owner.
79% of small business owners say that they want to retain their business within the family; 70% of second generation family members share the hope of retaining the business within the family. Yet only 30% of family-owned businesses survive into the second generation. Some 12% are still viable in the third generation, and only about 3% operate into the fourth generation or beyond.
The lack of a clear, formal and well-defined business succession plan is most often cited as the primary reason a majority of small businesses don’t survive the death or disability of the founder. Helping owners understand what they can do proactively to overcome those odds is one of my great passions as a business attorney.
If your business currently lacks a customized succession plan, I invite you to attend one of two upcoming workshops I am presenting. At the workshop, you’ll get to know the basic types of business succession plans, how they are funded, and why they are so critical to the long-term survival of your small business.
Further information and registration may be found on the programs page of this website: http://www.brianaripley.com/business-succession-workshop/