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) 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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