Quote by Kit Bond

According to the Small Business Administration, more than 70 percent of all family businesses do not survive through the second generation, and 8 percent do not make it to a third.

According to the Small Business Administration, more than 70

Summary

This quote highlights the daunting statistics regarding the survival rate of family businesses. It reveals that over 70 percent of such businesses fail to pass down to the next generation, while only a mere 8 percent make it to a third generation. This suggests the challenges involved in managing and sustaining a family business, emphasizing the importance of effective succession planning and adapting to changing circumstances. Family businesses must address various factors, such as leadership transitions, conflicts, and market dynamics, in order to remain successful and ensure a lasting legacy.

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