There are an estimated 5.5 million family owned businesses in the U.S., and about 40% of those businesses get passed on to the second generation of family members. But, that percentage drops significantly when it comes to the business staying within the family beyond that \u2013 only 13% and 3% of family owned businesses pass on to the third and fourth generations, respectively. About half of the owners of a family business (48%) would like for a family member to eventually take over, and when the business has 20 or more employees, that percentage increases to 62.5%. However, the reality is that only 36% think it is likely (23%) or very likely (13%) that a family member will actually take over. Only 7%* of operating businesses were inherited. The average life span of a family owned business is 24 years.<\/p>\n","protected":false},"excerpt":{"rendered":"
Who\u2019s Going to Take Over the Family Business? There are an estimated 5.5 million family owned businesses in the U.S., and about 40% of those businesses get passed on to the second generation of family members. But, that percentage drops significantly when it comes to the business staying within the family beyond that \u2013 only […]<\/p>\n","protected":false},"author":1,"featured_media":2245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[49,50,65],"tags":[67,66],"class_list":["post-1429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-email","category-reading-business-development","category-suggested","tag-job-creation","tag-small-business"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t