When it comes to planning it seems family businesses are less than keen to develop the roadmap they need for ongoing success, The Australian reports.
The article cites a new study, undertaken by KPMG, Family Business Australia and Deakin University, which found many family businesses don't have even basic plans in place for finance, risk and business operations.
It seems many family business owners are putting their retirement at risk. According to the article: "While more than a quarter of the survey respondents planned to retire in less than five years, over 60 per cent of the family businesses surveyed had not chosen a successor."
Experts warn that comprehensive planning is essential for both the daily running of a family business and when trying to convince potential buyers of the value of an enterprise.
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