Family Firms Lax on Succession, Management

In its first global survey of family-owned businesses, PricewaterhouseCoopers found almost half of family firms lack a succession plan; when it comes to companies founded in the last 20 years, the number jumps to 60%. Among businesses that had drawn up a plan, only 48% had chosen a successor.

Of the one-quarter of family businesses projected to change hands over the next five years, 51% were expected to remain in the family. But according to the survey data, this transition may not be so easy.

Other findings included:

Fewer than 30% of family businesses had adopted conflict-resolution procedures.

Two-thirds had no defined criteria for deciding which family members should be allowed to take active roles in the company.

Almost three-quarters said hiring and training good, new employees was their first priority.

For the survey, PwC interviewed almost 1,500 small and medium-sized family businesses (defined as companies where family members comprise the majority of the senior management team, hold at least 51% of the shares and where owners have day-to-day management responsibilities) from 28 countries.

Source: Making a Difference: The PricewaterhouseCoopers Family Business Survey 2007/08 , .


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.