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Succession is an inevitable issue facing every family business. The question of who will replace the current owners and officers of the business once they retire or die is the thorniest issue family business owners face.
Planning can mean the difference between success and failure for the continued viability of the business.
Few family businesses survive into the third generation. Only 30 percent survive for more than one generation, 15 percent last for two generations, and 1 percent survive for three or more generations.
The leading reasons so many family businesses fail are:
* Unresolved family discord and indifference.
* Bad management, including lack of leadership and training.
* Lack of, or inadequate, business succession and wealth transfer planning.
* High taxes (death and income taxes). …