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Plan today so you can succeed tomorrow

Your succession plan needs to tie into economic cycles. Assume the economy slowly emerges out of this recession and is relatively robust in seven years. A 55-year old business owner today will be about 62 when we hit the next bull economy.

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Succession Plan in Black Family Business: Myth or Reality?

According to Grant Thorton LLB Management Series, “Ninety percent of all businesses in Canada are family oriented yet succession of these businesses often just happens rather than being planned. Some 70 percent of family run businesses never make it to the second generation and ninety percent never see a third generation despite the genuine desire by most owners to see continuation in the family.”

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