Claudia Sangster, Co-Director, Norther Trust, Family Education and Governance, has made available for download her article, Family Business Transitions: Rising to the Challenge (May 2019). The summary is as follows:
• Only 12% of family businesses survive to the third generation
• Developing a plan and process to prepare the next generation of leadership can improve the odds of a successful transition
• Learn specific steps you can take to overcome two of the most common roadblocks:
• The next generation is not interested or prepared to lead the business
• Leadership has not planned or prepared for the leadership transition
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..