Trust a large factor in the emotional process of family business succession

A new study from Family Process shows that passing down a family business is an emotional process, and key factors need to be in place in order for the transition to prove successful. The owner needs to trust other family members' involvement in the long-term plan for the business, and nurture a healthy outlook and plan for their own retirement. In the United States alone there are an estimated 10.8 million family businesses. Only 30% of businesses stay in the family from the first to the second generation.

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