A common vision will help the family survive within a business experts suggest Thinkstock

A common vision will help the family survive within a business, experts suggest.

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

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.

Why? Too often the emotions of f

Register to view the full article

Register for Access!

Already a member? .

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish