How to structure a family business that can last generations
Family businesses are famous for power plays, backstabbing, and dramatic implosions. Yet some are among the most enduring companies in existence.
Why it matters
Family-controlled firms represent some 85% of the world’s businesses.
The keys to longevity
The owners of a family business have the right to: decide on an ownership type, structure governance, define success, determine what to communicate, and plan the transfer of power to the next generation. Misunderstanding or misapplying these rights can destroy the work of generations—and exercising them wisely can lead to long-term success.