Irish Family Firms at Risk Due to Lack of Formal Succession Plans

John A Sinnott Solicitors, succession planning

A recent report carried out by PricewaterhouseCooper revealed that Irish Family Firms are putting themselves at risk by not having formal succession plans in place.

The main findings were:

  • Only 20% of Irish family businesses have a documented succession plan in place.
  • 33% said they had a plan in place but it wasn’t documented.
  • 50% of Irish family firms plan to pass the company on to the next generation in the next five years.
  • First-generation family firms are less likely to have documented plans in place, as they are less mature and established.

It is our experience that when it comes to family businesses, it is especially important to have succession plans written down and to ensure that family members are informed of these plans.  Without a formal succession plan, difficulties can easily arise which can quickly hinder the success and reputation of the business.

Contact us today to start making plans for the succession of your business.

Source:  Irish Independent January 2019