Facts About Family Business
Did you know that
- 50% of US GNP is generated by family businesses¹
- Only 30% of family businesses survive to the 2nd generation²
- 90% of all businesses are owned or controlled by families³
- Despite the success factors of family business succession, 88% of all business owners believe that their family will control their business in 5 years4
There’s little doubt that family business is the backbone of our country.
But the success rate of family business succession is low. Yet despite the low success rate of transition, family business owners still believe their future family members will be the ones to run the business in the future. The facts tell us that this is more desire than reality.
What is the reason for the disconnect, and how can we work to improve the disconnect?