Henry James Pillows, our mythical family business owner, has celebrated his 75th birthday and has decided “mandatory retirement or not, I’m leaving.” His four children, all of whom work in the business, breathe a sigh of…
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Studies show that approximately two-thirds of family businesses fail in transition of management to children. One study of family businesses from 1924-1984 reveals that 80% of these businesses had died, 13% were still in the…
Death and taxes, as the old saying goes, are the only things in life you cannot avoid. For some family business owners, the burden of taxes is as close to a death experience as they…
Working in a family business, whether you are 18 or 80, presents many unique challenges that often signal a transition. Typically, we tend to think only of the most major transitions in our life –…