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What Every Owner Needs to Know
The average family-owned business lasts about 24 years. Roughly the length of a founder’s career.
Only 30 percent survive past the second generation. Just 13 percent make it past the third. By the fourth generation, that number drops to 2 to 3 percent. Fewer than 1 percent make it through a fifth generation of family leade...
For most family business owners, somewhere between 70% and 90% of their net worth is tied up in the business.
That means your company isn’t just your livelihood.
It’s your retirement plan, and probably your family’s largest single asset. Bigger than the house, the investment accounts, everything else combined.
What would happen to it all if you had to ste...
The family businesses that last past one or two generations tend to have one thing in common: they know how to argue well.
They don’t avoid conflict. And they don’t spend all their time fighting.
They’ve learned how to manage and resolve conflict constructively, without it costing them the business, or the family.
Most family businesses aren’t there yet.<...
Early in my career, I took my first real job working for a large global conglomerate, inside a business unit that sat inside a much bigger division. I’d just left the Army, so I was used to a disciplined structure. You knew who the boss was. You knew who the boss’s boss was. And you assumed the boss’s boss had a boss too.
As long as you showed up, did your job, and wen...