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Six guiding points to pass on a business

 

April 2018

 

 

 

 

 

Thinking about generational succession? Consider some common pitfalls, and how to avoid them.

The Chinese have a saying “Fu bu guo san dai” which translates to ‘Wealth never survives three generations’, a sentiment that is echoed in other cultures with similar sayings. And the stats back this up:

70% of family owned businesses fail or are sold before the second generation get a chance to take over.*

Why?

There are some common pitfalls in succession planning, but there are solutions to help avoid them as well. We’ve summarised three common pitfalls, and six ways to help avoid them here in our simple infographic to start your thinking. Our hot tip? Good and early planning… Start now.

Expert succession planning advice

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“Children may feel obligated or expect to take specific roles.”

ANZ Private offers a network of specialists, customised financial strategies and banking services for clients running a business. Our combined Commercial, Business and Private Advisory teams are insight led and at the forefront of business succession.

To discuss what this insight could mean for you, talk to your ANZ Private Banker directly, or contact us below.

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Source: *2012 Harvard Business Review Study

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