The failure of successful family business owners to reach their personal goals, especially their financial goals, is not because they don’t try or care. In our experience, the main cause of failure is lack of clarity, a plan around the big picture, and a myopic pursuit of the "urgent."
There are 5.5 million family-owned businesses in the United States, comprising nearly 90 percent of all businesses. These companies comprise over half of the nation’s GDP and create three-quarters of all new jobs. Only 33 percent make it to the second generation and less than 12 percent make it to the third. Many family business experts believe that one common cause of failure in family businesses is a lack of transition planning and preparation.