Don’t Just Handover—Plan Brilliantly!

Why Smart Family Business Owners Prioritize Succession Planning
 September 12, 2025 | Member Article

This is the 2nd in our weekly series on Family Business Succession, designed to help owners secure their legacy and ensure a smooth leadership transition. Check back each week for practical, action-oriented tips!

For many families, their business is more than a job—it’s their legacy, their passion, and often their most significant investment. But without a clear succession plan, even the most successful family enterprises can falter.

Here’s a stark reality:

• 41% of family businesses plan to pass ownership and management to the next generation

• Only 30% survive into the 2nd generation

• A mere 12% make it to the 3rd generation

• And just 3% endure into the 4th generation and beyond

Succession planning isn’t just paperwork—it’s strategic foresight. Here’s why it matters:

 Protect your legacy by ensuring your business survives and thrives across generations.

 Secure growth by preparing the next generation to lead confidently and competently.

 Avoid family and financial conflicts by clarifying roles, ownership, and responsibilities early.

Too many family businesses wait until it’s too late, leaving their hard work at risk. A well-designed succession plan transforms uncertainty into opportunity, turning potential disruption into a seamless transition.

So, when you think about succession, don’t just plan to hand over your business—plan to safeguard your family legacy for generations to come.

 Want to explore your family business roadmap?
Connect with 

Pam Hargis, Business and Executive Coach
Phone: 386-847-8028
Email: phargis@focalpointcoaching.com
Schedule a Call:  Calendly - Pam Hargis