Family firms fail to plan for future
British family firms are failing to plan properly for the succession of their business, compared to their counterparts overseas.
Accountants PricewaterhouseCoopers surveyed family firms in 28 countries, and found just 30% of UK businesses had chosen a successor, compared with the international average of nearly half.
Researchers found that 44% of the UK firms planning to change ownership in the next five years intended to pass their business on to the next generation of their family, Management Issues reported.
