Planning to Pass Your Business to Your Family? Prepare to be Unfair
17.05.2017
Like many parents who own a successful family business, you may be thinking of passing the business to your children. You have built a great operation, and you are proud to present this opportunity to your family.
While making the decision to keep the business within the family may be straightforward, getting that done without harming family relationships often proves more difficult. Based on the US Small Business Administration statistics, chances are that your business will not survive the second generation:
- Only 30% of family owned businesses survive to the second generation
- Only 12% are still viable into the third generation
- Only about 3% are still viable into the fourth generation
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Date: Tuesday May 23, 2017
Time: 2:00 pm – 3:00 pm EDT.
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Tim is a Consultant to Business, Government and Not-for-Profits Organizations specializing in innovative and challenging ways for organizations to survive, to thrive and to build their teams.
