This, That and Then
Continuing with the writings of Robert H. Hoge’s “Thoughts on This and That”, Madeline established her own blog thus giving it a modern twist. Her focus is on Family Business, History, Strategic Planning, Training/Education, Governance and Legacy.
The Stories We Don't Tell: Crisis, Legacy, and the Family Business
In a family business, one thing is certain: challenges will arise. That's a more optimistic way to put it, but the truth remains: s**t happens. The key is how you respond to the crisis. Will you continue doing things the same way, change, adapt, or close your doors and move on? The actual Survival Statistics (U.S.) are the following:
30% of family businesses survive into the second generation.
12–13% survive into the third generation.
~3% endure into the fourth generation or beyond.