Forbes Magazine estimates that family businesses create at least 50% of the goods and services produced in America. Family owned companies represent 60% of the workforce and nearly 80% of the new jobs created in this country. Some common challenges faced by owners of family businesses are whether, when and how the business can be transitioned to the next generation. Recent estimates show that only a third of family owned businesses successfully make the transition to the next generation. After an owner has built the company over many years into a flourishing enterprise, how can the owner transition it to their children, grandchildren or others? Today we discuss a number of steps that every family business owner should consider in order to prepare for the eventual transfer of the company.
