Families need to plan for business succession to go smoothly

While most entrepreneurs are aware of the need for a will, few consider a succession plan that family members have agreed upon in advance.  Powerful families, wanting to avoid their dirty laundry shaken out in public, may be more likely to accept that they may need help. But the message of long-term planning isn't getting through to most business owners: be they mom and pop organizations or much larger enterprises. Almost 70 per cent of them think they are going to exit their business in the next 10 years and very few have a proper plan.