For family businesses built for longevity, the question, “Who will lead next?” is critical. Yet our survey of 300 family business executives reveals a striking gap between intent and action: While 85% agree succession planning is critical to long-term success, only 57% have a CEO succession plan in place—and just 23% are actively implementing their plan.
To help leaders close that gap, my colleagues and I created a three-part series on Succession planning for family business legacies. The first installment, “Preparing the Table,” outlines five key steps family business leaders can consider as they begin the succession planning process.
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