Kids must earn the right to run the business, but start now

Nearly 90 percent of all businesses in the U.S. are family businesses. That is a lot of businesses.

Nearly 90 percent of all businesses in the U.S. are family businesses. That is a lot of businesses.

Yet the odds of a family business succession are not good – 33 percent make it to the second generation and only 3 percent make it to the third generation.

What’s going on? Are the kids that numb?

No.

For the most part, the parents are that numb.

Not on purpose, but they have created a mess, and when pushed into the corner of their retirement, they have run out of time to correct the course.

So what happens? Numerous things, but here are six areas to look for and discuss in your family business and with your family.

If you want any chance to transition your business to your kids, your kids must develop a healthy attitude about money.

One of the biggest problems in generational changes is the loss of entrepreneurism.

What is the key factor missing? The hunger of how to meet payroll on Friday.

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Thursday, August 01, 2019
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Wednesday, September 11, 2019
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