Abstract
Family businesses stand at a critical threshold. If you are a member of a business-owning family, you and your family’s company may be very directly involved in some of the extraordinary changes that are going on in the economy and within the family business community itself. For example, look at all businesses in North America and Western Europe — large or small, public or private — and you will find that two out of five have two generations of family members working in them. For South America, South Asia, and the Middle East, the proportion of family business with two generations in them is likely to be much higher. This means that more than 40 percent of all the companies in the world are going through or anticipating a succession process — the passing of a business from an incumbent senior generation to the next generation of leadership and ownership.
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