Will you Business Survive the Next Generation? Leadership Lessons From Family Business Owners
Family business success is determined by successful family culture and succession planning. In a recent article published by the Harvard Business Review, family business success into the next generation isn’t as common as you would think. According to the Family Business Institute, cases of harmony, health, and longevity seem to be exceptions to the rule. Reportedly, only 30% of these organizations last into a second generation, 12% remain viable into a third, and 3% operate into the fourth generation or beyond. Yet, these family-owened business account for an estimated 80% of companies worldwide and are the largest source of long-term employment in most countries. Of businesses surveyed, common characteristics of successful, multi-generational family businesses include governance and “family gravity” and a disciplined approach at CEO succession. Click here to read how you can better prepare your family business to withstand generations to come. For family-omened business representation, contact Keirnes Law at 612-805-0144 for a free consultation.