About 70% of family businesses face significant challenges by the second generation of ownership, either failing or being sold. Planning for future leadership is important for any business, but it takes on a unique level of complexity when the enterprise is a family-owned one. Balancing the emotional ties, financial considerations, and future aspirations of multiple generations can be a daunting task. The absence of well-thought-out family business succession planning can lead to significant challenges, including family discord, financial instability, and the potential demise of the business itself.
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