Business Succession Planning

The majority of the companies in the UAE are closing down in the event of the death of the owner or a partner. So many instances are there that many big companies in the UAE have closed down after the death of the owner or a partner. Why is this happening? Because these companies had no proper succession planning. They have not taken care of the downward risks involved when a business owner dies in the UAE. The majority of the business owners are not aware of the actual risks. They believe that by writing a will or showing the provisions in the memorandum will make sure the business continuity. Of course, Will is essential. But only doing a will alone will not help the business from collapse. There are many other risks that a business owner needs to address to ensure the inheritance and continuity of the company.

Almost 90% of business owners want their business to pass on to the next generation. But actually, more than 85% of them do not have a succession plan to ensure it. In the current scenario, more than 50% of the business owners expect a change in the ownership because their children will not be interested in the business., they would like to pursue their passion. What will be the future of your business? Adequately structured succession planning is needed for any business.
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