Getting the Family Business Owner To Act on Succession PlanningGetting the Family Business Owner To Act on Succession Planning

Many of us have heard the family business statistics before, but they’re worth repeating. Approximately 90% of U.S. businesses are family firms.¹ They range in size from small “mom-n-pop” businesses to the likes of Walmart, Ford and Marriott. There are more than 24.2 million family businesses in the United States, representing 64% of gross domestic product and employing 62% of the U.S. workforce.² Thirty-five percent of the businesses that make up the S&P 500 are family controlled.³ Family businesses are also more successful than non-family businesses, with an annual return on assets that’s 6.65% higher than the annual return on assets of non-family firms.⁴ Unfortunately, only a little more than 30% of family businesses survive through t...