A Publication of WTVP

If you’re part of a family business, there’s good news and bad news. More than 70 percent of all businesses in the United States are family businesses, generating more than half of the U.S. Gross National Product. However, two out of three don’t survive to the next generation, and with 500,000 new businesses starting each month in the United States, family businesses are replaced at a rapid rate.

How does a family business remain on the plus side of these statistics?

There are a number of sound practices while sustaining a family business, but there’s a big difference between working with your children and lining up your succession plan with your kids in mind. Here are some tips for dealing with the biggest threat to a family business – surviving transition to the next generation.

A mentoring relationship toward the next generation is also extremely helpful. It provides a realistic but loving perspective. iBi

Henry Hutcheson is president of Family Business USA ( and specializes in helping family and privately held businesses successfully manage transition, maintain harmony and improve operations.