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Succession plans critical for survival of family-owned businesses (access required)

While family-owned businesses are commonplace in the United States, those that are multigenerational remain rare gems. According to Cornell University’s SC Johnson College of Business, there are over 5.5 million family businesses in the United States, with the average lifespan of a family-owned business at 24 years. Just 40% of family-owned businesses are handed down to ...
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