Thorium’s founder has a long history of helping entrepreneurs determine the proper strategies for their businesses. We have helped business owners with everything from determining proper financing strategies for growth, to transitioning or selling the business.
Asking the right questions can help ensure the right strategies. We can evaluate all aspects of your business from helping you grow to transitioning to the next generation.
For most family and closely held businesses, planning for succession is the toughest and most critical challenge they face. Yet succession planning can also be a great opportunity to help maximize opportunities and create a multi-generational institution that embodies the founder’s mission and values long after they are gone.
Eighty-eight percent of current family business owners believe the same family or families will control their business in five years, but succession statistics undermine this belief. Only about 30 percent of family owned businesses survive into the second generation, 12 percent are still viable into the third generation, and only about 3 percent of all family businesses operate into the fourth generation or beyond. The statistics reveal a disconnect between the optimistic belief of today’s family business owners and the reality of the massive failure of family companies to survive through the generations. Research indicates that family business failures can essentially be traced to one factor: an unfortunate lack of family business succession planning.*
At Thorium, more than 70 percent of our clients are current or former business owners. We have helped many clients answer the challenges above and determine the proper strategies to help address their goals and help avoid many of the conflicts that arise during the transition of a closely held business. Let us help you with your business planning needs.
*Based on data from a 2006 survey performed by KPMG.