A recent survey from PwC highlighted some very interesting figures from the firms that it surveyed.
With only 23% of surveyed firms having a documented succession plan it would suggest that there is a need for family firms to consider this in more detail.
Having a strategic plan that provides a link between the reason the business was started with a long term vision can help.
Aligned with this should be a clear idea of what the business owner would like their legacy to be. Aligning all of these factors will assist with this 'missing middle'
By “missing middle,” we mean the gap between two visions – the entrepreneurial vision that sparks the formation of a business, and the long-term vision that allows family firms to pursue strategic goals far into the future.