"Passing the Torch: The secrets of successful family business succession planning." by Fred Caspersen
October 01, 2005
There’s been a lot of news coverage recently about succession planning and family businesses, and much of the coverage is sensational and less than helpful to those actually involved in a transition challenge. Nearly all stories cite a statistic to the effect that only about a third of family businesses survive each generational transition. This is a highly misleading statistic: for one thing, it suggests that all families want their businesses to pass to the next generation. But the fact is, often enough, selling the business is the best thing for the business, the family, the employees and the customers. Those who wish to keep their family business in the family, however, should take heart: it can be done.
Document: Passing the Torch - PDF