Navigating business ownership and succession
- 62% plan to transition ownership to the next generation
- 46% have a formal succession plan in progress
- Biggest challenges to succession planning:
o Family dynamics: 46%
o Lack of clear successor: 38%
o Emotional reluctance to exit: 28%
o Tax implications: 13%
Estate planning
- 38% say they’ve been completely open and transparent about their plans
- 71% have an estate plan or written wealth transfer strategy in place
- 64% believe the next generation is completely or somewhat prepared to steward their wealth
Defining legacy
The question of legacy is multifaceted, with private business owners painting their own unique narratives.
- ~35%-40%: Stewardship and continuity
o “Careful, successful stewardship of the family business”
o “We left it stronger than we found it”
o “Culture of ownership”
o “Passed along a successful viable business to the next generation”
- ~25%-30%: Values and character
o “Having lived and led with integrity”
o “A good man who always left more than he took”
o “It’s the trust of our partners, the pride of our employees, and the enduring belief that family businesses can still stand the test of time when built on purpose, not just profit”
- ~20%-25%: Family and multigenerational alignment
o “Although our investments have shifted over time, the goal of investing together remains intact”
o “Family unity, with the business as a common interest and uniting force”
o “Trust and keeping the family aligned for generations”
- ~15%: Business success and innovation
o "Built enduring organizations across real estate, philanthropy, and family enterprise”
o “Left a healthy, viable business to the next generation”
o “Professionalized the business with a clearer path forward”
o “A great past and a well-thought-out plan for the future”
