Posts tagged "SME succession planning"

An unfortunate reality for SME owners and budding entrepreneurs alike is the failure rate of businesses. In Australia, almost half (48%) of all new startups fall apart within their first four years of operation, and nearly a quarter never even make it past the 12-month mark.

Succession planning is a way to help younger generations take control, often more gradually. These families set up, acquire and manage family businesses in parallel over a long period of time. This provides a training ground for younger generations.

By following this succession planning guide, business owners can prepare well in advance to ensure their own wellbeing and security.