Did you know that as important as succession planning is, many SMEs have not considered a proper succession planning strategy? Strange but true. Here are some interesting facts uncovered in a recent industry survey of succession plans.

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Succession Planning
forYour Business
THE GREAT WEALTH TRANSFER
of owners intend
to retire in the next
10 years generating a wealth
transfer of $ 3.5 trillion(3)
81%
TRANSITION >
41%
61%
44%
20%
41% intend to pass the
business to family members (1)
of family business owners
would seriously consider
selling if approached (2)
of family business owners are
planning to sell their business (1)
have a succession plan
for the CEO (1)
THE SUCCESSION PROCESS
Major influences on the succession process
GENERATIONAL INVOLVEMENT
Australian family businesses
of family businesses have only
one generation involved
in the business (2)
of family businesses have
two generations involved
in the business (2)
of CEOs are 65-plus years old (4)
of family businesses have
three or more generations involved
in the business (2)
of CEOs don’t have a retirement plan (4)
36%
1/3
59%
20%
5%
41%
The ability of the business to
generate adequate financial returns (1)
Level of trust in the abilities of
the potential successors (1)
Level of interest of potential
successors in the business (1)
Preparing for succession or exit
PLANNING FOR THE FUTURE
are exit or succession ready (4)
SOURCES
1. KPMG and Family Business Australia Survey of Family Businesses 2009 (in conjunction with Bond University)
2. The MGI Australian Family and Private Business Survey 2010 (in conjunction with RMIT University)
3. The MGI Family and Private Business Survey 2006 (in conjunction with RMIT University)
4. The KPMG and FBA Family Business Survey 2013
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