We’ve all heard the statistic: that most family businesses don’t succeed past the third generation. The authors of this article claim this is a myth.
Today, family businesses typically outlast non-family companies, and they’re positioned to continue to do so in this century. A study conducted by the University of California, Davis reports that, for the most part, families who accumulate wealth tend to keep their wealth over extended periods, often across generations. There is an eventual regression, the report claims, but it can take 10 to 15 generations to reach that point.
Read about debunking the “three-generation” myth in this article. Make sure you to read until the end. The article provides tips on how to change your thinking about the future of the family business.
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