How to successfully move a family business to the next generation

By planning in advance and heeding these lessons, a family business can move successfully to the next generation.

By Tory Brownyard | September 26, 2019 at 05:30 AM

Having an established plan has benefits not just for the family but for the employees, clients, and partners who help the business thrive. (Photo: Shutterstock)

Succession planning is a critical challenge for any business. For privately-held, family-run businesses, it’s a process that has unique and often daunting challenges.

The Family Business Alliance says that about 30% of family businesses are passed on to the second generation successfully. Just 12% are passed onto the third generation, and only 3% make it to the fourth generation.

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