Succession plans, or the lack thereof, can hinder the transition to a new generation — and affect how loved ones fund their later years.
Most workers strive to keep their personal and professional lives separate. But for people who start or inherit a family business, the opposite is true: The personal is professional. And it gets very personal when it comes to retirement.
Family businesses employ close to 60 percent of the nation’s work force, according to calculations by management professors at the University of North Carolina at Charlotte and Kennesaw State University, in collaboration with the research and advocacy group Family Enterprise USA. They found there are as many as 32 million family businesses in the country.
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