Understanding the current perceptions of business owners towards succession planning.
We firmly believe that succession planning is just as important as business planning, since exiting the business is inevitable, and the repercussions from a poorly executed exit could be grave. But research undertaken by RSM in 2015 revealed that the majority of Australian business owners surveyed (66%) do not yet have a formal succession plan in place.
We wanted to understand more about the current perceptions of business owners towards succession planning.
To this end, we surveyed 2,000 NSW business owners, consultants and directors to ask them about the effort involved, the challenges faced, and what a successful plan should include.