Succession is a Critical Conversation for the Family Business
In the post-recession era, family businesses have become extremely important. Many disenfranchised workers took the opportunity to launch their own companies during this time, and now home businesses make up 50 percent of gross domestic product and nearly 60 percent of all jobs in the U.S.
Despite this rapid growth in the home business sector, many of the owners of such companies do not believe that their businesses will succeed beyond the current generation. Much of this has to do with generational differences, financial priorities, interests, or even familial disputes. In order to survive, even a home-based business has to have goals and objectives based on a collective vision. 