Headlines From Our SME Market Research

Have you developed a succession plan for your business to ensure the smooth continuity of operations after you retire/move on to other projects?

  • Yes – 40%
  • No – 60%

Which of the following does this plan include (Select all that apply):

  • A pension plan – 54%
  • Leadership retirement plan – 38%
  • Inheritance plan (Trusts / gifting / Wills) – 37%
  • Training/upskilling for next-generation leaders – 47%
  • Intergenerational transfer of ownership and control – 16%
  • Other (Please specify) – 2%

IF NO PLAN

Do you plan on putting a succession strategy in place?

  • Yes – 16%
  • No – 42%
  • Maybe – 42%

What is the main reason you have not yet developed a succession plan? (Single Select)

  • Day-to-day business operations are all consuming – 19%
  • Lack of understanding or knowledge of what is required and I don’t know where to start – 22%
  • It’s a long way off in the future so not a priority – 33%
  • It’s a challenge balancing the interests of the family with the interests of the business. – 12%
  • Other (Please specify) – 14%

ASK ALL

How many years prior to retirement should succession planning begin?

  • 6-10 years – 52%
  • 3-5 years – 39%
  • 1-2 years – 9%

Please select what would you hope to achieve from a succession plan? (Select all that apply)

  • Tax efficiency – 50%
  • Protect wealth – 50%
  • Support future business success – 49%
  • Equip the next generation with skills/know how for the future – 48%
  • Managing the transition of ownership and management control from one generation to the next – 35%
  • Other (Please specify) – 4%

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