There are approximately 70% of family businesses who fail or are sold before the next generation takes over.
Family business refers to the business owned and managed by the members of the family. Such type of business is passed from one generation to another.
There is only 10% is the business that are successful handed over to the next generation, that is to the third generation. Around 70% of family companies fail or are transferred before the following generation takes charge.
Therefore, it can be concluded that 70% of the family business are shut down before transferring it to second generation.
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