Family-owned businesses are truly the backbone of our economies and a real example of successful entrepreneurship that has stood the test of time, yet they continue to struggle in their efforts to transition the family business to the next generation. Proof is that we are still living with those dismal family succession statistics that were first published some 20 years ago indicating that 70% of family business will not make it to the 2nd generation and 90% will not make it to the 3rd.
These were some of the astonishing facts presented at a Breakfast Seminar hosted jointly by KPMG and Republic Bank Limited entitled "Succession Planning for Family Businesses". The seminar was held throughout the month of July in the various territories in which Republic Bank operates i.e. in Barbados, Grenada, Guyana and Trinidad and Tobago. The seminar was aimed at equipping owners of family businesses with the tools necessary to ensure their success and survival long after their founders are gone.
Delivering the feature address was Mr. Grant Walsh, Director and founder of KPMG Enterprise Centre for Family Business in Ottawa, Ontario, Canada. Mr. Walsh has for the past fifteen years dedicated his professional services solely to assisting family businesses in working through their management and ownership issues with a focus on the transition/succession process.