One of the biggest issues facing family businesses is succession planning. According to PwC research, only 12% of family businesses make it to the third generation, and 43% of them lack a succession strategy.
Family businesses are renowned for having a long-term perspective, though. They are said to think in quarter centuries as opposed to their non-family colleagues' use of quarters. Due to their propensity for forward thinking and a preference for purpose over profit, family businesses benefit greatly from this.
In the twenty-first century, a successful firm depends on having these characteristics.
There's a catch, though.
These concerns are frequently put off because CEOs are preoccupied with running the day-to-day operations of their companies.