A novel way to solve the business succession crisis
One of the biggest risks in the economy is the fumbled hand-off of family businesses from one generation to the next. The expression “shirtsleeves to shirtsleeves in three generations” sums this up nicely: the first generation builds a successful business, the second generation carries on in a diminished way, and the third generation inherits a mess and then starts over again.
Imagine the benefits to the Canadian economy if we could improve the success rate of family-business succession. Important companies and capital pools could be preserved, jobs maintained, and successful business practices and innovations shared for the future.