Succession Planning shortfalls
“Currently Family Business wealth is estimated at $3.6 Trillion, (more than 5 times the value of domestic ASX companies) and transition of wealth in the next 10 years is estimated to be $1.5 Trillion” www.famiybusiness.net.au
24% of private businesses will change generation in the next 5 years, 32% in the next 6 to 10 years.
Succession planning is crucial for any company but particularly at the moment for the survival of small businesses.
- 77% have no Management Succession Plan
- 76% have no Future Ownership Plan
- 50% will sell
- 68% of CEOs will retire in the next 10 years >
- 75% have not sought external advice for Succession Planning
- 32% (ONLY!) will achieve transition from first to second generation, 16% from second to third generation
- 45% have not yet nominated a successor
- 43%think it is too early to develop a succession plan.
- 34% assumed a family member would take over
- 33% of people that plan to hand a business over to a family member have a succession plan.
Sustainability
Interesting resource:
http://www.ethosfoundation.org/
Interesting SEQ Program:
“The Biggest CARBONLOSER Challenge” is a competition that engages tourism operators in a fun way to bring about long term household carbon footprint reduction, and be in the running to win some great prizes. http://scenicrimescapes.com.au/scenic-rim-low-carbon-diet.html
