Access a grant of up to €15,000 for your family business
Poor succession planning is the no.1 reason as to why 70 % of family-owned businesses fail or are sold before they are passed on to the second generation in fact almost 90 % don’t make it to the third generation.
Succession planning is a journey. The first stage is making sure that the family business has its house in order to when it comes to its organisational structure, purpose & core values, corporate governance & decision making, business strategy formulation, information flows & systems and timely financial reporting. If these mentioned areas are in a “mess” or nothing has ever been done to bring them in order, then a first step for any succession planning is to sort out the issues related to the mentioned areas to make sure that next generation leaders enter a well-oiled business, rather than a perpetuating mess.
A next step would be to have more targeted approach, that of selecting the right person/s, training them and making sure that receiving the baton in the future is what they really want to do in life.
At EMCS, through our “coaching” service, we not only offer you advise on the succession planning process, but we also hand hold you through the whole process. We ensure you are anchored to solid ground while smoothly implementing each step. Together we will ensure your business continues to thrive into the future, so that the family business keeps bearing fruit and that all past sacrifices to build it do not go to waste.
A Family Business Grant of €15,000 is available per family business, from Malta Enterprise, to cover advisory costs related to addressing transitionary issues and succession planning.
Get in touch with us to discuss – info@emcs.com.mt
