Management Succession Planning IS Success For the Family Business

Decades of statistics illustrate that most successful businesses ultimately fail.
In fact only 35% of successful family businesses (and virtually all small businesses are family owned) survive through the second generation, and of those only 20% survive through the third.
The reasons are typically straightforward and the excuses have been the same, from my personal experience, for [...]

March 17th, 2009 | Posted in effective succession planning, family business succession, family business succession planning, management succession planning | No Comments

Four Solutions For a Successful Family Business Succession

According to The Practical Lawyer, 90% of all businesses in the United States are family businesses. These are businesses owned or controlled by members of the same family.
Family owned businesses are very important to the US economy, creating 60% of total US employment, 78% of all new jobs, and 75% of wages paid. Over the [...]

March 30th, 2009 | Posted in family business succession, family business succession planning, succession planning process | No Comments

Passing Your Family Business to the Next Generation – Succession Planning

As Penn State professor William Rothwell ominously points out in the forward to Exit Right: A Guided Tour of Succession Planning for Families in Business Together, more than 40% of the people who run the closely held operations that comprise 80% of the North American economy will retire by 2010.
It makes me wonder, what is [...]

March 15th, 2009 | Posted in effective succession planning, family business succession, family business succession planning, succession planning process | No Comments