Handing Over the Family Business?
Saturday November 10, 2007
Multi-generational family-controlled businesses have long been part of the American dream, and some have proven highly successful; think Wal-Mart or Anheuser-Busch. However, business succession is no simple family matter. According to the Small Business Administration, 90 percent of U.S. businesses are family owned, but only 30 percent of such companies succeed in the second generation. Just 15 percent make it to the third. That is because most business owners fail to plan seriously for their own succession. Smooth succession planning is something that takes time, and the handoff needs to be carefully planned and executed if it is to be successful.
Comments
WalMart and other Companys that operate like WalMart will Destroy many millions of lives….Over worked under paid people in there employ and from the companys that they purchase goods from to save you money will cost in the long run do your onw Investagation and you will uncover Unjust and UnHonorable Actions by these Companys This Very UnAmerican Practices These Companys should be Not be allow to Move forward and only you and your Friends and Family can stop this…. Look for your Self Open your Eyes.
I LOOVE shopping at Wal-mart!!
Dang, John. I understand your frustration but companies like Wal-Mart will run their course. The question of family owned companies not in planning the handing down, but in the passion of the person receiving the company. By the third generation all the passion is gone and if the company is not run by stock holders and a board it stands a great chance of failure. Also, many times the product runs its course and the company did not keep up with progress. By the way, the Wal-Marts of the world exist because we allow it.