US statistics on family businesses show that, in the last five years, only 19% transition to second-generation leaderships. The 2021 Family Business Survey by PWC adds that only one-third of family enterprises have a succession plan in place, while only 24% is focused on next-gen involvement.
Based on her 30-year experience in supporting family businesses in the US, Liz Kislik identifies unawareness, unpreparedness and unwillingness as the main challenges the younger generations face when the moment of business succession arrives. In the article published on the Harvard Business Review, she also provides suggestions on how to prepare the next generation for the future leadership.
You can read the full article HERE.