Last month I wrote a post about baby boomers looking to entrepreneurship as a magic wand to fix their lack of retirement planning.
Well now a study reported in Inc.com seems to show that baby boomers who are already entrepreneurs and have created family businesses are not much better at planning:
Accounting firm Kreischer Miller surveyed 3,000 family-owned businesses and found that almost all expect to keep ownership and management within the family through the generations. However, only half have a formal plan in place to identify and train family members to take the reins once founders retire. Many families neglect to train, mentor, and groom future family executives. What’s more, only one-third have non-family members on their board of directors, an arrangement which often ensures that the best qualified family members are chosen to lead.