Tuesday August 4, 2020

Succession planning: Family fortunes hanging in the balance

A strong strategy is needed for inherited firms to survive in today's tough economy, writes Elaine O'Regan.

3rd February, 2013
JJ O'Connell, co-chair and director of the Plato network Family Business Ireland. Photo: Cillian Kelly

A new generation of recession-hit family firms are struggling to implement succession plans disrupted by the downturn.

With current estimates putting failure rates for first-to-second generation transfers as high as two thirds, bad timing is a pressing problem for the sector.

"There is an optimum time for passing the business on to the next generation," said Niall Glynn, a partner in Deloitte's private business tax division and author of Planning for Family Business Succession.

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