The Rites of Family Business Succession
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Authors
Garrett, Robert
Clevenger, Thomas
Issue Date
2003-12-1
Type
Working paper
Language
en_US
Keywords
Family-owned business
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.
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Citation
Publisher
Washburn University. School of Business