Once you get past the statistics, there are some great points in this piece and as always, it makes a lot of sense and the suggestions are not rocket science either, but they are not always easily sorted!
Family unity is key to aid communication and there needs to be a sense of purpose that is not just about wealth/money. Family values are integral to success and there is a recognition that family firms need to invest in the next generation, although interestingly, as Andrew Keyt points out, not confusing this with necessarily 'finding then next CEO'
Well worth a read.
Research shows that 30 percent of family businesses make it to their second generation and only 12 percent make it to their third. Daunting statistics like these make you wonder what the 12 percent have that the others don’t. Why does one family close up shop while another keeps chugging forward? I decided to take a look at the patterns and recurring themes found in families with multigenerational success. Was there really a secret set of ingredients? The answer was yes. Those businesses that survived three, four, five generations were powered by four distinct forces.
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