Should the business stay in the family?

3 Minute Read

This is a question that most business founders must face at some point in their lives. Family business planning is the process of selecting and preparing the right person to lead the family firm into the future. The average life of a family-owned business is about 24 years, usually ending when the owner/founder retires or passes away. Reportedly, approximately 30 percent of family-owned businesses survive the succession from the first generation to the second. Moreover, only ten percent to the third generation. Moreover, by 2019, the number of family-owned companies that will transfer from the first generation to the second will be the largest the world has ever seen.

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