How to Prepare the Next Generation to Run the Family Business

Statistics on family-owned and -operated businesses show that although as many as one-third of family businesses transition to second-generation leadership, in the last five years, that number has dropped to only 19%. According to a 2021 Family Business Survey by PWC, in the U.S., “only one-third have a robust, documented, and communicated succession plan in place…[and] globally, only 24% of family businesses are focused on next-gen involvement.”