According to the Family Business Institute in Raleigh, North Carolina approximately 30% of family businesses in the U.S. will survive into the second generation. Only 10-13% of all family businesses are successfully transferred to the third generation and for fourth generation the number drops even further to a mere 3%.
“Succession planning is a big issue in the industry right now as many business owners are nearing retirement and wanting to pass on the family business to the third generation,” said Eric Schulz, co-owner of AAA Auto Salvage in Minnesota.
Published by popular web magazine Company Founder, www.companyfounder.com, their article “10 Key Family Business Issues” highlights some of the core family business concerns that also mirror ones those when it comes to succession planning.
"Succession planning is a big issue in the industry right now as many business owners are nearing retirement and wanting to pass on the family business to the third generation,” said Eric Schulz, co-owner of AAA Auto Salvage in Minnesota.
Published by popular web magazine Company Founder, www.companyfounder.com, their article “10 Key Family Business Issues” highlights some of the core family business concerns that also mirror ones those when it comes to succession planning.
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