March 22, 2019 Stewart Marshall

FAILING FAMILY OWNED MID-TIER BUSINESSES

About 70% of mid-tier businesses are family owned.

Over two thirds won’t survive until the next generation.

And nearly 90% won’t make it to a third.

There are many reasons why, such as nepotism, a lack of financial education of heirs, poor succession planning and a failure to consult trusted advisors.

In the next few years, ineffective innovation will become another.

This is rife in mid-tier businesses.

Two thirds claim to be innovating, but nearly half of those fail to see any meaningful benefit from their initiatives.

And this means that means they’re simply wasting millions of dollars on tools and systems and seeing no return.

Recent technological advances mean that EVERY VERTICAL is ready to be disrupted, and the first one to market with a better model will be in the box seat.

But, with an ageing leadership who grew up in a very different technology landscape, many mid-tiers simply lack the innovation mindset necessary to leverage today’s opportunities.

It’s business as usual, because that’s what they’re familiar with.

And it’s slowly but surely destroying their legacy.

It’s time then to talk to a trusted advisor about how you can become an industry leader rather than just another statistic.

#Techceleration #WorkSmarter


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