KUALA LUMPUR (Jan 17): Nearly one-third or 31% of Malaysian family businesses have no succession plan in place, according to a new survey by PricewaterhouseCoopers (PwC). "Only 15% (of the 48 Malaysian family businesses surveyed) have a robust, documented and communicated succession plan in place," PwC said in its Family Business Survey 2016 (The Malaysian Chapter) released today. It is thus not surprising that the bulk, or 62%, of Malaysian family businesses identify succession planning within the company as a key challenge in the next five years. PwC noted Malaysian family businesses must focus their efforts in formulating a robust strategic plan, if they want to successfully carry on their legacy into the future generations. The strategy gap is one of the key trends observed among family businesses globally, a concern that’s amplified in Asia-Pacific, where businesses have the most ambitious growth plans," said PwC.

Source: The Edge Markets January 17, 2017 11:33 UTC