Why Family Businesses Should Have Succession Plans The family drama surrounding an aging media mogul — and his unresolved succession plans — are at the center of a hit television show. For family businesses, succession plans are designed to ensure the orderly transfer of ownership and leadership to the next generation. Relationships among family members are sometimes just as complicated in real life as they are on TV, and monetizing a closely held business to help fund retirement often takes longer than expected. In fact, only 18% of family businesses have a documented and communicated succession plan in place.1 Much like the fictional billionaire in “Succession,” some 

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Why Family Businesses Should Have Succession Plans.pdf

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