In the best of worlds a family business would thrive for many generations, providing inspiration and revenue for decades to come. Reality, alas, is usually more somber. “Only 30 percent of family businesses survive into a second generation, and only 17 percent into a third,” says Kathyann Kessler Overbeke, principal of GPS: Generation Planning Strategies, Beachwood, OH.
Family-owned restaurants: How to balance people, profits, part 1
Too few family businesses survive into the second and third generations of ownership. Poor communication is often to blame. Part 1: a plan to fix that. • See more Management Tips articles • Family-owned restaurants, part 2