INSIDE YOUR POCKET - How to prepare your family business for generational wealth
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GUEST -
Carol Mazaka, Head of Consumer Services at 1Life Insurance
There are some astounding statistics surrounding family business succession. First, the average lifespan of a
family-owned business is only 24 years, or roughly one generation. In addition, nearly 60% of family-owned businesses fail to make it to the second generation, while nearly 90% fail to make it to the third generation. Nearly half of the family-owned business
failures were caused by the founder's death, while only 16.4% of family-owned businesses failed after an orderly transition.
Carol Mazaka, Head of Consumer Services at 1Life Insurance
There are some astounding statistics surrounding family business succession. First, the average lifespan of a
family-owned business is only 24 years, or roughly one generation. In addition, nearly 60% of family-owned businesses fail to make it to the second generation, while nearly 90% fail to make it to the third generation. Nearly half of the family-owned business
failures were caused by the founder's death, while only 16.4% of family-owned businesses failed after an orderly transition.
