Less than a quarter (23%) of family businesses have a robust succession plan in place, according to a new report from PricewaterhouseCoopers. What’s more, less than half (46%) of the family businesses polled said they are reluctant to pass the business on to the next generation.
Succession and exit planning were in the top five fastest growing areas of valuation practice over the past year, according to BVR polls. To succeed in this area, appraisers will also need good coaching skills and probably some knowledge of psychology, given how dysfunctional some families can be.
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