Profile of Survey Participants 47% of Family Business survey participants are first generation, 39% are second generation and 12% are third generation. In terms of family members involved, in addition to the owner, 43% had one additional family member involved in the business and 37% had two or three additional family members. When family members are involved, just about half of the time it is a spouse, followed by children at 45% of the time and parents at 23%.
Succession Planning: One very interesting finding is that the majority of family business owners do not expect to keep the business in the family when they exit the business. Only 18% of respondents indicated that it is very likely the business will remain in the family when they exit. Overall, 38% indicated it is very likely or likely to remain in the family while 62% indicated that is very unlikely or somewhat unlikely that it will remain in the family. Only 44% of family business owners are satisfied with the quality of their succession plan.
Satisfaction: Unlike some reports to the contrary, family members like being in business with their family. 91% of them support having their family directly involved in the business. Also, perhaps not surprisingly, family members involved in a business tend to agree on the vision for the business twice as much as non-family member employees. While family members may tend to agreed on vision, family members are also more likely to have disputes over business issues than non-family member employees.
Talent: Family businesses are not especially concerned about employee talent. 35% of non-family business owners are concerned with lack of talent, while only 29% of family business owners share this concern. That being said, family business owners do rate their non-family member employees to be more highly qualified (42%) than family member employees (37%).
Fairness: Contrary to common beliefs, family business owners believe that they are treating all of their employees fairly – family and non-family. 24% of family business owners rated holding all employees to the highest standard compared to 19% of non-family business owners. Family business owners and non-family business owners rate equal opportunity for advancement of all employees to be just about the same.
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