The statistics speak for themselves and with so many family business owners/leaders moving towards retirement in the next few years, the ticking timebomb of succession needs to be addressed.
Don't leave it until it is too late to do something about a plan!
Every day for the next 12 years, an estimated 10,000 baby boomers will turn 65. That figure carries tremendous impact on how family businesses will cycle down to the next generation. In fact, retirements by boomers could affect nearly half of all U.S. companies in the next decade. Statistically, only 30% of family businesses survive the second generation. Among those that fail, 60% fall to domestic infighting. But family feuds are easily avoided, and business value can be preserved with the right succession planning.