Family Succession Planning: Keys to Doing It Right

The statistics involving the lifespan of a family business are kind of grim. While there are a lot of family businesses in the United States — 5.5 million, per some accounts — they don’t all stick around. According to Harvard Business Review, 70 percent of family businesses never become a business run by the second generation. Only 10 percent make it to a third generation.
Franchise Relations