April 20, 2010
Why is succession planning for family business so difficult?
Family businesses are the lifeblood of the American economy, with some statistics suggesting they employ between 40 and 60 percent of private sector employees and contribute a similar percentage to the nation’s GDP. Only about one in three survives to the second generation, however, and the estimate of successful transfers to the third generation ranges from 10 to 20 percent. The reason for this failure to continue is often a lack of succession planning, leaving no trained and capable successors in place. To read the full article, please visit the link below.