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Three top insights for tackling succession through targeted next generation development
Next-generation owners represent the future of any family business. Without their motivation to continue adding value to the family business, no future can be envisioned. Family-business owners want the next generation to be involved in the business to maintain it as a source of family pride, to safely preserve the legacy of founders and better maintain the family’s values and image.
But only a rough third of family businesses survive the transition from first- to second-generation ownership. Those that make it beyond the third generation are much fewer – at this stage only 10-15% of the original firms remain in family hands.
