Small businesses are fundamental to economic success and job creation in Canada, creating far more jobs than large firms. However, multi-generational family-controlled businesses often struggle with succession planning; only 1/3 of family-owned businesses survive the transition to the third generation (grandchildren of the founders). 

Potential reasons include difficulties in: 

a) addressing the eventual death of the business owner; 

b) deciding who will inherit and how ownership will be determined among children; 

c) letting go of the business decision-making, and

d) lack of qualified or interested successors. The key to succession planning in this context is to start the dialogue by discussing various approaches to succession planning and how to maintain an objective decision-making process. 

Your family owns a business, create a plan for your family business and succession planning. 

What is your strategy for succession planning?