FAMILY BUSINESS SUCCESSION

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FAMILY BUSINESS SUCCESSION

FAMILY BUSINESS SUCCESSION

ANSWER


At least two thirds of the business globally is family owned. According to Bowman (1987, p.2) ninety percent of businesses in the United states of America are either family run or owned, Indeed, in the same country the family enterprises contribute 50% of GNP and 50% of all wages (Bowman 1987, p.2). But the success of these enterprises is short lived with a few of them surviving into the second generation with a further 35% seeing the third generation as well (Litz 1997, p.60). This has interested the researchers considering the fact that these businesses usually have different characteristics from business oriented firms. Indeed, the intergenerational succession continues to gain more research as a possible cause of the failure of the family owned businesses.