Next Gen

88% of you believe that the same family or families will control their business in 5 years. Yet statistics from the U.S. Small Business Administration show that only 30% will successfully make the handoff from one generation to the next. With the third generation, it drops to 10%.
One reason might be that 64% of family owned businesses do not require family members entering the business to have the qualifications or experience necessary for success.
Further, expertise, decision making and even key customer relations often rests with the founder(s).