Did you know that family-owned firms account for 66% of businesses around the world yet only 16% of them have succession plans? That's a scary thought.
In the U.S. alone, family firms comprise 80%-90% of all business enterprises, generating 64% of the GNP and employing 62% of the workforce. Clearly, family firms are incredibly important to the global economy, which is why the issue of succession should be approached very intentionally to ensure the ongoing health of these businesses, as I write in a recent article for Daily News.
As a corporate anthropologist, a culture change expert and a daughter raised in a family business, I have a particularly strong interest in helping family firms successfully prepare for their succession.