As we know from the statistics, about 75% of Irish businesses are family controlled or owner managed. However, less than 30% of these businesses will pass on to the next generation. Generally family businesses in the retail industry are no different.
The following points should be considered in order to achieve a successful succession.
- start planning early;
- involve children at young age;
- outside experience;
- create wealth outside;
- all the family may not be involved; and
- go at the right time.
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