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According to the Family Business Institute, only 30 percent of family businesses survive beyond the founder’s generation. From there the odds of survival only get worse: only 12 percent make it to the third generation, and a paltry 3 percent persevere into the fourth.
It doesn’t have to be that way. There are a variety of things families can do to ensure their businesses thrive from generation to generation. Here are three factors to consider.
Have a Plan
Posted on February 5, 2014 at 1:50pm