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paul hennessy

March 1, 2004

Most family firms have a formal succession plan in place, right? Wrong.

Most family firms have a formal succession plan in place, right? Wrong. Ireland and its business families, it seems, is the latest example to be held up in a growing list of apparently shoddy planners. Almost half of Irish family businesses have no formal succession plan in place, according to a survey by PricewaterhouseCoopers. The report, released in March, involved 55 family businesses ranging in size from those with fewer than 25 employees and an income of less than €2 million to those with more than 100 employees and an annual income of more than €20 million.

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