{"id":952,"date":"2022-04-19T18:09:13","date_gmt":"2022-04-19T18:09:13","guid":{"rendered":"http:\/\/gpswp.com\/bradyassetmanagement-2\/?p=952"},"modified":"2024-02-02T23:07:18","modified_gmt":"2024-02-02T23:07:18","slug":"why-family-businesses-should-have-succession-plans","status":"publish","type":"post","link":"https:\/\/gpswp.com\/bradyassetmanagement-2\/2022\/04\/19\/why-family-businesses-should-have-succession-plans\/","title":{"rendered":"Why Family Businesses Should Have Succession Plans"},"content":{"rendered":"\n\n
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The family drama surrounding an aging media mogul \u2014 and his unresolved succession plans \u2014 are at the center of a hit television show.<\/p>\n\n\n\n
In fact, only 18% of family businesses have a documented and communicated succession plan in place.1<\/sup> Much like the fictional billionaire in \u201cSuccession,\u201d some leaders avoid the issue because they love running their businesses and don\u2019t want to stop any time soon.<\/p>\n\n\n\n But one never knows what the future has in store. Even if you are happy, healthy, and determined to stay involved in your business for years to come, you might be glad you took the time to develop a thoughtful succession plan.<\/p>\n\n\n\n