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Why succession is a silent crisis in family firms
The day the founder is gone should never be the day people start thinking about what comes next. It should be the payoff of work that started long before.
One statistic keeps coming up in studies of family businesses: according to Family Business Institute data, recently cited by Strathmore University Business School in its analysis of the future of Africa's family enterprises, only 30 to 40 percent make it to the second generation, 12 to 13 percent reach the third, and just 3.0 percent survive beyond the fourth.
It is not because the children lack talent. Most of the time, it is simply that nobody prepared the ground before it was needed.
