family business succession

Family Business Succession Planning

Succession planning is a process that every organization needs to be thinking about and working on throughout the lifecycle of the business. However, succession planning in a family-owned business has some unique challenges and considerations. More often than not, more than one family member is working in, invested in, or associated with the business. When your business associates are the same people you celebrate special occasions and holidays with, you need to be even more intentional about not damaging relationships in the process.

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Family Business Matters

The family business is as American as apple pie and the Fourth of July parade. Companies such as Ford, Marriott and Wal-Mart are only a handful of family-owned, corporate giants that come to mind. And although there are more than 100 million family businesses in the United States, only about 30% of family businesses survive to the 2nd generation, and 12% to the third.

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