Questions every family business needs to ask

Did you know that only 30% of family-owned businesses make it through to the second generation? This sobering statistic sheds light on the challenges of maintaining a successful family business. Through years of research and working closely with family-owned businesses, we have identified five areas that capture the focus of successful and long-lasting family enterprises. Are you giving sufficient attention to each?

Can your ownership structure stand the test of time?

Every business strives to be healthy, but unique factors come into play at family-owned enterprises. One of their advantages is that they tend to have a highly concentrated ownership structure, allowing for effective and efficient decision-making. This can be critical in times of rapid change or crisis.

However, if the ownership group’s decision-making is impaired by some external shock…