Have you developed a succession plan for your business to ensure the smooth continuity of operations after you retire/move on to other projects?
- Yes – 40%
- No – 60%
Which of the following does this plan include (Select all that apply):
- A pension plan – 54%
- Leadership retirement plan – 38%
- Inheritance plan (Trusts / gifting / Wills) – 37%
- Training/upskilling for next-generation leaders – 47%
- Intergenerational transfer of ownership and control – 16%
- Other (Please specify) – 2%
IF NO PLAN
Do you plan on putting a succession strategy in place?
- Yes – 16%
- No – 42%
- Maybe – 42%
What is the main reason you have not yet developed a succession plan? (Single Select)
- Day-to-day business operations are all consuming – 19%
- Lack of understanding or knowledge of what is required and I don’t know where to start – 22%
- It’s a long way off in the future so not a priority – 33%
- It’s a challenge balancing the interests of the family with the interests of the business. – 12%
- Other (Please specify) – 14%
ASK ALL
How many years prior to retirement should succession planning begin?
- 6-10 years – 52%
- 3-5 years – 39%
- 1-2 years – 9%
Please select what would you hope to achieve from a succession plan? (Select all that apply)
- Tax efficiency – 50%
- Protect wealth – 50%
- Support future business success – 49%
- Equip the next generation with skills/know how for the future – 48%
- Managing the transition of ownership and management control from one generation to the next – 35%
- Other (Please specify) – 4%
