Singapore family firms 'lack succession planning'
Many founders unwilling to hand over reins, poll of S'pore companies shows
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Buy SPH photosThe lack of succession planning is a large problem facing family-run businesses here, according to a new report by CPA Australia and KPMG.
About two-thirds of the 41 Singapore family businesses surveyed did not have immediate plans to introduce such a strategy, to pass down ownership of the business.
The study also found that 56 per cent of family firms did not intend to hand over control of their businesses in the immediate future.
Many founders are not willing to let go of the companies they had painstakingly built up, said the organisers of the study.
