Plans To Transfer Businesses Lacking

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    Almost half of Canada’s family businesses expect to see an intergenerational transfer of management and/or ownership within the next five years. Yet, more than 80 per cent have no formal plans in place to manage the family dynamics of the business and intergenerational wealth or help prepare future generations to continue the family business legacy, says KPMG Enterprise. Its ‘Family Ties ‒ Canadian Business in the Family Way’ report says the biggest challenge facing future generations is gaining the right experience, skills, and business knowledge while overcoming entitlement issues. It says family business owners need to focus on engaging future leaders to become part of the management team as soon as they have proven their abilities as making them wait can lead to lost opportunities. As well, more communication among family members can help ensure everyone involved understands the strategic growth plans of the business and helps to maintain a balance of continued business success and family harmony over the long-term