From chiefexecutive.net: Family businesses face a high risk of failure during generational leadership transitions, with less than 30% surviving to the second generation and only 12% to the third.

To ensure a successful transition, leaders should not assume their children will want to take over, require outside experience, plan significantly ahead, clearly define roles and responsibilities, and ensure that leadership is earned rather than inherited.

These strategies are essential for preserving the business and family legacy while navigating the complexities of succession.