Most family business leaders are accelerating succession plans in the face of mounting pressures: KPMG poll
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Thursday, November 23, 2023
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The findings reflect the views of 285 family business leaders included in the KPMG Private Enterprise™ Business Survey of 700 small- and medium-sized businesses (SMBs).
Key Points:
- The findings reflect the views of 285 family business leaders included in the KPMG Private Enterprise™ Business Survey of 700 small- and medium-sized businesses (SMBs).
- Whether these family business leaders choose to sell to a third-party or pass the torch to the next generation, there are significant business and tax implications to consider at this time."
- Some leaders support employee ownership as an alternative or complimentary approach to business ownership and succession.
- "Along with financial factors, inadequate succession and transition strategies are the single biggest factors in the failure of family businesses," Mr. Archambault adds.