|Source:||PR Newswire Association LLC|
In a recent Harris/Decima survey of 650 U.S. business owners, conducted for
- Larger businesses are more likely to have a formal succession plan in place (45% larger vs. 14% smaller). Larger businesses are also more likely to say having a formal succession plan in place is important (78% vs. 42%).
- When it comes to succession planning, the vast majority of business owners (80%) have not yet identified a successor for their business for when they retire.
“Succession Planning is not something that can wait until the last minute,” said
“Stability, wealth preservation, family harmony and peace of mind are four good reasons why it’s never too early to begin a plan. While business owners should probably start planning at least 5-10 years before transitioning control, it’s never too late to start,” said
At Harris, providing clients with succession planning counsel and advice is a focus of our business. A variety of succession planning resources and information can be found on the Harris succession planning site: https://www4.harrisbank.com/vgn/succession-planning/index.html
The online survey was conducted by Harris/Decima among 650 Canadian business owners (400 small, 250 larger) and 650 U.S. business owners (400 small, 250 larger). Data was collected
Harris/Decima is one of
Harris is an integrated financial service organization providing more than 1.3 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the
Harris® is a trade name used by various financial service subsidiaries of Harris Financial Corp. Banking products and services are provided by