GITNUX MARKETDATA REPORT 2024

Succession Planning Statistics: Market Report & Data

Statistic 1

"72% of family-owned businesses fail to survive the transition from founder to second generation, primarily due to a lack of succession planning."

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Statistic 2

"78% of small businesses intend to sell their business to fund their retirement, but nearly 50% have no exit strategy or succession plan."

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Statistic 3

"48% of business owners expect to exit their businesses in the next five years, but only 35% have a formal succession plan."

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Statistic 4

"In a survey by the Family Firm Institute, 88% of current family business owners believe the same family or families will control their business in five years, but succession statistics undermine this belief."

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Statistic 5

"Of those who have identified a family member as a potential successor, only 28% have a succession plan in place."

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Statistic 6

"43% of family business owners expect to retire within 10 years, but 55% of these owners have no succession plan in place."

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Statistic 7

"Among small business owners, 47% don't have a succession plan because they don't want to give up their life's work."

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Statistic 8

"A survey found that 58% of small business owners have no succession plan, 30% have no plan for who will run the business after they retire, and 48% are not concerned about it."

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