Family members start a major portion of new businesses launched in the U.S. every year. However, according to The Family Firm Institute, only about 30% of family and businesses survive into the second generation, 12% are still viable into the third generation, and only about 3% of all family businesses operate into the fourth generation or beyond.
Having little separating the dining table from the board room table can be the recipe for not only a family feud but also for business strife.
The high failure rates of family businesses may seem unavoidable, but they actually not. Our guest in this episode will help us recognize and learn to avoid the potential threats of failing family businesses.
Stephanie Rising has 20+ years of practical management and marketing experience combining behavioral analysis, business diagnostics, and employee alignment processes into strategic and tactical business solutions. Her company, The Rising Effect, elevates family-owned businesses and partnerships to create profitable growth, personal harmony, and a lasting legacy.
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