More than 30% of all family owned businesses survive into the second generation. 12% will still be viable into the third generation, with 3% of all family businesses operating at fourth generation level and beyond. (Joseph Astrachan, Ph. D., editor, Family Business Review) Succession planning for emergencies or for a principal retirement can be of great importance to maintaining business continuity. Choosing the right successor is an outcome of hard work evaluating family member candidates or outside talent. No one should be a shoo-in without experiencing the rigorous assessment for readiness and an educational plan developed to get your choice ready to take over without your assistance.
Family Business Management guides clients in all stages of family business operations, from making the decision to start a business to planning for retirement. Family Business Management can make a difference in the way your family does business. Family Business Management's founder, Dr. Marshall W. Northington, has written a book that addresses the unique problems of family-owned businesses: Managing the Family Business: A Guide for Success.