McKinsey Report Identifies Five Attributes for SuccessMcKinsey Report Identifies Five Attributes for Success
Family businesses are the backbone of the American economy. In fact, 90 percent of the approximately 15 million businesses in the United States are considered to be family businesses, representing more than 60 percent of the gross domestic product. Some are mom and pop operations, of course. But some are the leading players in their respective industries. One-third of all the businesses in the S&P
David Thayne Leibell, partner in the Stamford, Conn. and New York City offices of Wiggin and Dana
Family businesses are the backbone of the American economy. In fact, 90 percent of the approximately 15 million businesses in the United States are considered to be family businesses, representing more than 60 percent of the gross domestic product. Some are mom and pop operations, of course. But some are the leading players in their respective industries. One-third of all the businesses in the S&P index are family businesses.
Eighty percent of family business owners want to keep the business in the family and pass it on to the next generation. Unfortunately, only one-third of family businesses make a successful transition to the second generat...
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