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How CPAs can help family businesses with succession planning

Hosted by Courtney Vien

Please note: This item is from our archives and was published in 2019. It is provided for historical reference. The content may be out of date and links may no longer function.

As PwC’s U.S. Family Business Survey repeatedly reveals, only a minority of family businesses have a formal succession plan. In this episode, Jonathan Flack, CPA, U.S. Family Business Services Leader at PwC, discusses the 2019 survey results and their implications for succession planning. He talks about why the leaders of family businesses have such a difficult time with succession planning and what CPAs can do to help them.

See the latest U.S. Family Business Survey results here. View a Kellogg Business School video on the 4Ls (as mentioned in the episode) here.

What you’ll learn in this episode:

  • Why so few family businesses have succession plans. (3:32)
  • What CPAs can do to help clients overcome their reluctance to form a succession plan. (5:14)
  • What technology has to do with succession planning. (11:00)
  • How family businesses can increase their digital IQ. (13:11)
  • Ways family businesses can encourage the next generation to stay in the business. (18:48)

Play the episode below:


To comment on this podcast or to suggest an idea for another podcast, contact Courtney Vien, a JofA senior editor, at Courtney.Vien@aicpa-cima.com.

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