There was a post in Mr. Wilson Ng’s blog regarding the reason why businesses fail… quite interesting because it listed some very useful statistics that all businessmen should worry about…

Which made me think… there are other reasons why businesses fail that you can’t place a statistic on… I’m speaking mainly about family corporations.

1. Succession Planning

My family was into farming… that was our way of life and what sent us through school. Now why did that cash cow all of a sudden come to an end? Because it suddenly crossed the street and got run over by a ten wheeler truck… to be more direct… well my old man died and before that he got terribly ill… those things weren’t foreseeable… but could have made a contingency plan for… not one of us knew how to run a farm, so my dad gave up the lease… goodbye 10 hectares of well planted bananas…

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