70% of family businesses fail after the founder dies, usually from three problems: the successor isn't ready to lead, family fights over money and control, or the estate tax bill forces a sale within nine months. Mentoring the right person and planning ahead can help.
Did you know that 7 out of 10 privately owned businesses fail to make a successful transition from one generation to the next? Which means that 70% are eventually forced into bankruptcy or liquidation or selling out to a competitor after the original founder has left the business. Why? 3 reasons. 1, successor inexperience or incompetence, bad management decisions or poor leadership skills often due to a premature assumption of responsibilities. 2. Conflicts, disputes, and lawsuits among family members over management roles or compensation issues, ownership rights, and profit distributions. Or 3. The need to pay estate transfer taxes on the IRS appraised value of the business within 9 months of the owner's death. Of course, executive incompetence or mismanagement can be averted by careful mentorship of the most capable successor. Conflicts, disputes, and lawsuits among family members.
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