Deloitte survey: Owners of family businesses want to keep control, but lack confidence in their succession plans

Retaining ownership of the business is one of the key elements of family businesses long-term goals, yet only 41% of them feel confident in their succession plans, according to Deloitte’s latest edition of Global family business survey, conducted on approximately 800 businesses in 58 countries across the globe, including Romania.

Profitability is the family businesses’ top priority for the next 12 months, followed by growth of the business and development of new products and services, according to the survey. In this context, about a third of respondents would give up control over the family business in exchange for greater financial success in the long term.

The gap between long term goals and short term planning that we see among family businesses can only be filled in by succession plans. Although perceived by owners as a remote event, succession is crucial for the business stability and it requires thorough planning ahead and solid preparation, as it is a lengthy process. In Romania, we are already advising clients in preparing and implementing the handover of the business from the founders to their heirs.