The family business: Ensuring a smooth transition when it’s time
Unfortunately, most business owners fail to plan for the continued operation of their business should they become incapacitated or die. Currently, only 30 percent of family-run companies succeed into the second generation, and only 15 percent survive into the third generation.
More often than not, the family business is doomed by a failure to plan.
No plan = failure
Contemplating one’s mortality is not a pleasant activity. Most believe they have plenty of time to plan. Some business owners identify so closely with their business that they simply cannot comprehend the idea of their business being operated by anyone other than themselves.
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by: Gina M. Barry