Continuity and succession planning

Create a future legacy for your family business

Continuity and succession planning are critical to achieving a long-term legacy and include things like defining when family members can work in the business, how profits are distributed, who serves on the board, and how to plan for next generation leadership.

If a key family member passes away unexpectedly or wants out of the business, the enterprise needs to remain stable as it goes through the transition. A strategic, well thought-out plan can help provide stability as the family business deals with the stress of change. PwC can work with you on continuity and succession planning to help ensure your family’s desired legacy.

No plans in place

Bringing up continuity and succession planning in the family can cause tensions to rise and some families avoid it just to keep the peace. In PwC’s 2021 US Family Business Survey only one-third (34%) of family businesses say they have a robust, documented and communicated succession plan in place. And, while most family business leaders have at least an informal succession plan in place, only a minority have fully embraced the need to not only have a plan, but to document it and effectively communicate it to all essential parties.

Continuity is critical because it supports the legacy of both the family and the business. It also has an impact on employees and community and is an important facet of supporting growth and longevity.

Not having a plan in place can put the family business, and family relationships, at risk.

34% of US Family Businesses have a robust, documented and communicated succession plan in place.

- US Family Business Survey

Balancing business, family and ownership

Family businesses often have family members serving as owners of the business as well as managers. It is common for a family business to evolve from the founder making all business decisions independently, to bringing in more family members and establishing more structure as the business grows and becomes more successful.

PwC recognizes that family businesses struggle with a variety of challenges, including defining when family members can work in the business, determining how profits are distributed or reinvested and deciding who serves on the board.

Continuity planning involves creating a strategic plan that addresses these challenges, along with how ownership is transferred across generations. Families can reduce tension by defining such plans before the challenges have become acute.

How PwC can help

Our dedicated teams will work with your family to set up near and long term plans to ensure your family’s legacy. Our family business professionals can help you with:

  • Continuity and succession planning
  • Ownership and leadership
  • Next gen development and responsible ownership
  • Generational transition and knowledge transfer
  • Transfer of shares
Ensuring family's legacy

PwC’s approach to continuity and succession planning

Our dedicated teams begins the continuity and succession process by working with you to understand:

  • Who are the key stakeholders, in the family and the business? 
  • What is the family’s near and long term vision?
  • How does the family see its legacy? 
  • How will each stakeholder define success of this endeavor?

Once we understand these things, we are positioned to discuss and recommend alternatives that support the family’s desired legacy.

What we deliver 

The output from each continuity and succession engagement typically includes: 

  • Written family vision/legacy  
  • Family and business SWOT analysis 
  • Business leadership succession strategy 
  • Business ownership succession strategy 
  • Family and business governance approach 
  • Family employment policies 
  • Roles of non-family executives


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Contact us

Phryni Yiakoumetti Mina

Director, Private Wealth Services, PwC Cyprus

Tel: +357-22555719

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