Succession Planning for Family-Owned Hospitality Businesses: 5 Questions to Ask Yourself
Baby boomers privately-own more than 12 million businesses in the U.S., with many of the owners approaching their mid-70s, according to California Association of Business Brokers. A 2016 survey of small businesses in the U.S. indicates, 72 percent of small business owners DO NOT have an exit plan from their businesses and of those, 54 percent intend to leave the workforce in 10 years.
Business owners are focused on growing their companies and often forget to think about their exit strategy from their business. Do you know where your family-owned hospitality business is headed? Building a thriving hospitality business takes a lot of hard work and succession planning is vital to ensure the continued evolution, growth and promotion of leaders.Read More