The Rites of Family Business Succession
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Author
Garrett, Robert
Clevenger, Thomas
Publisher
Washburn University. School of Business
Sponsor
Kaw Valley Bank
Issue Date
December 2003
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Alternative Title
Abstract
Most family businesses fail to survive the second generation. It is estimated that only 30 percent of family owned businesses survive the transition. Only 13 percent of businesses survive through the third generation. The failure rate can be attributed to, lack of business knowledge, skills, and commitment on the part of successor generations, family problems that impact the business and lack of planning for succession.