How to Survive Generational Transition in a Family Business
Lining up your succession plan with your children in mind
If you’re part of a family business, there’s good news and bad news, says Family Business USA president Henry Hutcheson.
More than 70 percent of all businesses in the United States are family businesses, generating more than half of the U.S. gross national product (GNP). However, two out of three don’t survive to the next generation, and with 500,000 new businesses starting each month in the United States, family businesses are replaced at a rapid rate.