By now, it’s a familiar statistic: nearly two-thirds of family-owned businesses do not survive the founders’ generation. And while that appears to be a bleak figure, research bears out that family-owned companies overall typically have qualities that give them the edge over nonfamily ones.
Many studies have been conducted to determine what contributes to long-term, family-owned business success, and what factors are prevalent in those that fail to make it past the second generation. Here are some commonly held findings to help you understand what makes or breaks the family biz, in order to sustain your own entrepreneurial success for generations to come.
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