Handing off the family biz: Moving from avoidance to smooth sailing

Cover April 13, 2015 -- Second Stage -- Succession PlanningThe No. 1 mistake family-owned businesses make in succession planning is a basic one. They don’t bother with it.

This is surprisingly common. Specialists say it’s more likely that a family business will not have a plan than have one.

The Family Owned Business Institute at Grand Valley State University in Grand Rapids surveyed family businesses in its database last year and found that 80 percent of them said they plan to pass the business to the next generation. But only 19 percent had a formal, written plan to do so. … Read more at