Expert Business Succession Attorney Reveals Every Secret You Wish You Knew
Financial Considerations and Real-World Examples
According to the Family Business Institute, only about 30% of family businesses survive into the second generation, and just 12% make it to the third1. This alarming statistic underscores the importance of effective succession planning. By investing in professional legal advice, business owners can significantly increase their chances of a successful transition.
For instance, a well-known case involves the seamless transition of leadership at Ford Motor Company, where detailed succession planning ensured a smooth handover from Bill Ford to Alan Mulally, preserving the company's stability and growth2.