Family businesses face significant challenges with succession planning, with only 30% surviving to the next generation, emphasizing the need for transparency and honest communication.
The process of succession planning often starts with an uncomfortable question: Do your children want the business? Without this dialogue, founders are at risk of misjudging their children's intentions.
Surprisingly, many potential successors do not wish to take over family businesses, citing stress and conflict as significant deterrents, which underscores the importance of early discussions.
Many millennials and Gen Z are opting out of inheriting family businesses, highlighting a generational shift in values and illustrating that emotional and legacy considerations are in flux.
#family-business #succession-planning #business-challenges #generational-transition #entrepreneurship
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