Did I Lie About Family Failure?

Why are some experts saying this statistic is misleading?

In this podcast, I talk about a discussion happening in the Family Business space: The “70% of family businesses fail to transition” statistic is misleading.

A critical look at a highly cited statistic in the Family Business space is making the rounds after some advisors claim that entrepreneurship is the solution to long term family success. They claim that the statistic of successful transitions does not take into account the tendency for families with businesses to be more entrepreneurial.

This criticism, though, is just more evidence that highly successful families are highly successful. Families with already successful businesses are far more likely to succeed in a new venture because they support each other with resources and experience. It doesn’t make sense that families should have to start over every generation. Long-term success does not look like a series of gambles made one at a time over and over again.

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