Why Business Owners Are Shy About Succession Plans

Lack of Clear Plans

• 76% of business owners surveyed have no plan or are still working on one.
• Many are unsure about the future of their companies.

Concerns About the Next Generation

• Nearly half of the owners believe the next generation is not ready.
• They worry successors may struggle with responsibilities.

Fears About Early Discussions

• Some fear talking about succession too soon may cause:
• Entitlement or anxiety in family members.
• Reduced effort from successors if they know they will inherit the business.

Emotional and Practical Challenges

• Most owners plan to pass businesses to the next generation but are unsure how.
• Concerns include:
• Family conflicts or negative reactions.
• Emotional attachment making it hard to step away.

Doubt in Successors' Readiness

• Owners doubt if successors are prepared enough.
• Some consider skipping a generation to pass the business to younger, more ready family members.