Stepping back as leader of the pack

For most family business owners retiring is like cutting off an arm. But if it’s properly planned well in advance it can lead to a new role or direction for the company with the owner as still a part of the crew.

Letting go, relinquishing control and ownership of the family business, is the toughest job of all. It’s the most emotionally difficult experience of a family business owner’s life and few readily embrace it.

The reality is that six out of 10 family business owners aren’t going anywhere. The 2013 MGI survey of Australian family businesses found that 58 per cent of owner-managers said they would be working beyond the age of 65.

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