Family Business as a Life SentenceFamily Business as a Life Sentence
What are the alternatives?
M
any entrepreneurs build a business to provide their family with a better life. All too often, the family is the collateral damage.
A regularly quoted statistic suggests 30% of businesses will transition successfully to the next generation, and about 10% make it to the third.1 Many family members who’ve inherited a business tell a familiar story of family conflict, estranged family members, lawsuits and lost assets, not the better life their parents hoped for. One client shared a heartbreaking story of their immigrant father who worked tirelessly to build a highly successful real estate business to give his four sons a better life. Unfortunately, the story ended with all four brothers suing each other and the judge forcing the sale of the...
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