Recent University Surveys show: - 14% of Owners are over 65 with 60% over 50
- 83% do not have a Management Succession Plan
- 75% do not have a Future Ownership Plan
- 53% will sell – 19% NOW
- 66% require Sale of their Business to retire
- 54% of CEOs will retire next 5 years – 84% 10 years
- 65% have not identified next CEO
- 57% say the Next Generation are not interested in the Business
- 54% of Owners rely on the Business to fund their Retirement
- 53% do not have a Business or Strategic Plan
- 52% do not have a written Management Structure or Job Descriptions for Key People
- 79% do not appraise Family Members performance
- 52% do not carry out Performance Appraisals
- 83% do not have Training and Education Programs for the Next Generation
- 69% do not have similar Programs for Key People
- 44% do not have Key Person Insurance for the Owner
- 88% do not have Cross Insurance for Business Partners
- 60% do not have Insurance for Family Members
- 89% do not have Insurance for Non Family Member Executives
- 30% will survive Generation change
*The findings are reproduced with the permission of Professor Kos Smyrnios, author of many surveys with his research team.
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