Proactive Family Business Successors

Author: 
Dean Fowler

This article is an edited transcription of a seminar titled "Successful Habits of Family Business Successors" that was delivered to the Family Business Center of the University of Wisconsin-Madison at the Fluno Center for Executive Education. Seventy percent of all family businesses fail to make the transition of ownership and management from the first generation to the second generation. In this article I focus on the success rate. Through my research I have identified the common characteristics of successful successors. I call these common characteristics the Seven Habits of Highly Successful Successors.