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Every firm will eventually reach the point when it has to professionalize the way it operates. This is done by instituting more rigorous processes, establishing clear governance, and recruiting skills from outside. Family Business is no different.

In the Family Business Survey, 43% of the companies believe that the need to professionalize the business is a key priority over the next 5 years. But the family firm has another dimension which other companies have to tackle: the family itself.

The issu

Family businesses are an overlooked form of ownership. Yet, they are all around us. One-third of companies in the S&P 500 index and 40% of the 250 largest companies in France and Germany are defined as a family business. A family business means that a family owns a significant share and can influence important decisions.

As family businesses expand their entrepreneurial beginnings, unique performance and governance challenges are encountered. The generations that follow the founder may insist on

Effective Succession Planning in Family Business has been redefined in the 21^st century.

The Family Business sector continues to be vibrant, successful, and ambitious. This, despite tough economic conditions and accelerating pace of change.  Family firms are vital to all economies.  It offers stability, a commitment for the long term, and a responsibility to their communities and employees.

However, despite the extraordinary longevity of individual family firms, the average life span across the se