I Have Seen Million-Dollar Businesses Crumble Because They Didn’t Have a Succession Plan. Here’s How to Ensure Your Legacy Doesn’t Go Down The Drain.

Opinions expressed by Entrepreneur contributors are their own.

Running a family business can be an exciting and rewarding experience, but it can also come with its own set of challenges. Your family’s company may have survived the high failure threat that hangs over the average small business, but you’re not necessarily safe yet. Only 30% of family-owned companies pass from the founders to the next generation, and just 12% of those last into the third. If you want to be on the positive side of those numbers, you need to start planning the succession almost as soon as you start or acquire the business.

The process requires transparency and

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