Creating a succession plan
For family-owned businesses, planning for the event of a CEO leaving the position can be quite daunting. However, as Mark Blaney Stuart finds, having a proper succession plan can ease the stress.
According to data from the Institute for Family Business (IFB), 85% of businesses in the UK (4.8 million) are family-owned, with a vast majority of these considered to be SMEs. Additionally, family-owned firms employ 13.4 million people, which is 50% of private sector employment. But in the event of a CEO stepping down, dying or becoming incapacitated, are these businesses prepared?