awareness about family businesses’ contributions to the economy and their communities. NAVIGATING SUCCESSION AND NEXTGENERATION ENGAGEMENT Despite the many strengths of family businesses, they face significant challenges, particularly in succession planning and next-generation engagement. “Succession planning is difficult in multi-generational families,” Sayer acknowledges. “It’s costly to transition a business from a succession point of view because of tax consequences, and that presents a real challenge for family businesses,” Sayer notes. Engaging the next generation is another significant issue that family businesses must address. Sayer stresses the importance of early succession planning and open communication among family members.“There’s a lot of communication involved in succession planning because if you’ve got a next generation with two, three, four family members, you’ve all got to be on the same page,” she explains. 8 BUSINESS VIEW OCEANIA VOLUME 06, ISSUE 09
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