Succession, talent attraction keep family businesses up at night

Singapore

SUCCESSION planning and professionalising the business are the key concerns of business families in Singapore, going by responses to PwC and the Singapore Chinese Chamber of Commerce and Industry's (SCCCI) report, and questions posed to panellists at Thursday morning's sharing session.

The report, which is the result of 112 quantitative interviews and six face-to-face interviews, found that 64.7 per cent of family businesses in Singapore cited attracting talent as the biggest challenge, followed by succession planning (54.1 per cent).