Succession planning takes center stage for family offices and businesses

As the largest intergenerational wealth transfer in history unfolds, family-owned businesses and family offices across North America are facing a pivotal moment in succession planning. The next generation’s willingness – and preparedness – to take the reins is far from guaranteed, prompting families to weigh new options for ownership, leadership, and liquidity.

A new Deloitte Private study has found that 26% of family businesses globally expect to seek outside investment, including from private equity, within the next three to five years. Another 19% plan to increase nonfamily ownership, while only 3% anticipate an outright sale.

In North America, the numbers are similar: 22% of families plan to bring in external investors, 17% will boost nonfamily ownership, and 12% intend to go public .

Despite the openness to outside capital, most families are not relinquishing control.

“There’s an openness to external investment, but that doesn’t change the fact that in most cases, organizations themselves are still majority family-owned and intended to be family-owned – they’re just looking for a little bit of a boost,” said Laura Pearson, US family enterprise leader at Deloitte Private, told Barron's.

Read more: AI, estate planning, and succession concerns weighing on private business owners

The challenge of succession is compounded by demographic realities. The average age of family business owners is now in the late 60s, and nearly three-quarters of surveyed businesses are still in their first or second generation of family leadership.

As Rebecca Gooch, Deloitte Private global head of insights, explained, “Some of them are thinking, ‘fantastic, I can transfer the family business to the next generation, this will be seamless’ – but not everybody’s in that position. Sometimes there are challenges. It might be the next generation isn’t particularly interested in going that direction or they’re insufficiently qualified to take over. This is creating a kind of a shake up in both the ownership and leadership of family businesses worldwide.”

The shakeup is not limited to operating companies. According to the North America Family Office Report 2025 by RBC and Campden Wealth, almost half of all family offices expect a generational transition within the next decade.

The report notes a significant uptick in formal governance: 69% of family offices now have a succession plan, up from 53% last year. Yet, concerns about next-generation readiness persist, with many families citing gaps in financial literacy and a lack of clear communication about future roles.

The report also highlights the growing professionalization of family offices. While 65% are currently led by a family member, nearly half expect to transition to nonfamily professional leadership after succession. This reflects a broader trend toward institutionalizing operations and hiring outside expertise in investment, tax, and legal matters .

Liquidity is another driver behind succession conversations. Owners may seek to retire, establish a family office, or support philanthropic goals, often requiring the buyout of passive shareholders or the sale of minority stakes. The RBC/Campden Wealth report notes that improving liquidity is a top priority for 48% of North American family offices this year .

Still, the human element remains central. As the RBC/Campden Wealth report observes, “Talent retention, succession planning, and next-generation readiness are now top priorities instead of supporting functions. The offices that excel in these areas are better positioned to withstand shocks and to sustain performance over the coming years.”

For advisors, these findings underscore the importance of early, candid conversations about succession, both to preserve family unity and to ensure a smooth transfer of wealth and leadership.

Pearson noted that organizations are “in varying states as to their willingness to engage in that [succession] conversation and either admit the importance of it, or elevate the importance of it within their organization.”