12% of family business survive the third generation. 85% (of the 70% that fails) is due to problems with communication, trust and preparation for the next generation (human factor). (Reference)
Families that share a business together almost always find it challenging to separate the business from the family, often confusing the performance of the business with family relationships or bringing in family discussions to the business. Putting clear structures in place may be necessary to help facilitate a division.
What will the audience take away from this workshop?
• Identify the key characteristics of a governance structure to increase communication and trust.
• Differentiate the business of the family and family business to improve survival and thrive.
• Evaluate a case and identify lessons that help improve preparation for the next generation.
• Reflect upon the importance of knowing the multigenerational family as a building block to family governance.