When the next generation opts out

Succession is not a given in family businesses. Many will be forced to bring in outside management teams or to sell out.

Family businesses have a succession problem – often, the kids just don’t want to take over.

According to a survey by family business advisory firm MGI last year, six out of 10 (58 per cent) family business owners say younger generation family members are not as interested in actively managing the business as the older generation.

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