“While the fictional Roy family on the hit TV series “Succession” and the real world NewsCorp empire might get most of the attention, the fact is that most businesses could benefit from paying closer attention to how they hand off a business from one generation to the next.
Unfortunately, the statistics bear this out: The business graveyard is littered with unsuccessful generational handoffs. According to Score, 70% of businesses that are passed on to the next generation fail. That number increases to a staggering 88% when businesses are passed on to a third generation, such as grandchildren.
So, where do things go wrong? And how can business owners increase their odds of successfully “handing the keys” over to a new generation after years of hard work?”
Read the full article at QSR Magazine.
