Only 50% of family-owned firms have succession plans in place

THE vast majority of Irish family-owned firms believe passing on the enterprise to the next generation poses the single biggest threat to their businesses, yet only half of these companies have formal succession plans in place.

PricewaterhouseCooper’s latest survey of Irish family businesses identifies challenges in key areas such as planning for succession and corporate governance.

“The key threat to all family businesses is succession (94%), yet, only 51% of Irish family businesses were found to have a formal succession plan in place,” said PwC Family Business Services Lead Partner Paul Hennessy.