{"id":64,"date":"2011-05-27T13:34:17","date_gmt":"2011-05-27T13:34:17","guid":{"rendered":"http:\/\/www.caassetprotection.com\/blog\/?p=64"},"modified":"2011-05-27T13:34:17","modified_gmt":"2011-05-27T13:34:17","slug":"how-successful-ceos-keep-the-family-business-in-the-family","status":"publish","type":"post","link":"\/blog\/how-successful-ceos-keep-the-family-business-in-the-family\/","title":{"rendered":"How Successful CEOs Keep the Family Business in the Family"},"content":{"rendered":"

How long will your family business stay in the family?\u00a0 One generation?\u00a0 Two generations?\u00a0 How about 4 generations down the line?<\/span><\/span><\/p>\n

The truth is that very few family business stay in the family beyond the first generation.\u00a0 Statistically, Only 40% of family owned businesses survive to the second generation, 12% to the third, and 3% to the fourth.\u00a0 There are many possible reasons for this, such as lack of interest by subsequent generations or the evolving market and economy, but one of the main reasons that family businesses don\u2019t survive to the second and third generation is lack of planning<\/em>.<\/span><\/span><\/p>\n

Which families have<\/em> been successful with succession planning for their businesses? This article in Business Week profiles the famous families of business<\/a>, and includes some interesting discussion of why certain families are successful where others aren\u2019t.\u00a0 Parent-child relationships often become fraught with tension when the time comes to pass the baton, but history has shown that succession transitions are much smoother when the occur gradually, and according to a plan created and agreed upon by ALL interested parties.<\/span><\/span><\/p>\n

Business succession planning is a key element to owning your business at any step of the game, not just at retirement age.\u00a0 This is because it is not merely about exit strategy, but about making goals and planning for future success.\u00a0 Leaving the business to your children is not your only option.\u00a0 You may decide to sell your business, or leave it to a partner.\u00a0 The options are out there, if you only know where to find them.<\/span><\/span><\/p>\n

This is where an asset protection attorney can help.<\/span><\/span><\/p>\n

Whether your business is in its first generation or its fifth, whether you intend to pass it on to your children or sell it, planning is essential if you want your business to survive. Our firm can help you do just that.\u00a0 Whether through wills and trusts, or the succession planning described in this blog, it is our business to look to the future.\u00a0 Trust us to help you do the same.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

How long will your family business stay in the family?\u00a0 One generation?\u00a0 Two generations?\u00a0 How about 4 generations down the line? The truth is that very few family business stay in the family beyond the first generation.\u00a0 Statistically, Only 40% of family owned businesses survive to the second generation, 12% to the third, and 3%… Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,62],"tags":[63,64,135,136,137,138],"class_list":["post-64","post","type-post","status-publish","format-standard","hentry","category-asset-protection","category-business-planning","tag-business-planning","tag-entrepreneur","tag-family-business","tag-retirement","tag-small-business","tag-succession-plan"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t