According to a survey, about 70% of family businesses fail to transition to the second generation, while nearly 88% do not survive to the third—a trend experts attribute to poor succession planning and weak governance. Robin Bairstow, CEO of I&M Bank, advised family businesses to put in place structures that ensure enterprises thrive even in their absence, emphasizing that a well-structured business should not collapse when the founder passes on. He urged owners to formalize their succession plans.
Experts urge strong succession planning for family businesses
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