Hunter Turpin Authors Opinion Piece on Succession Planning for Small Biz Daily
Hunter Turpin, managing director of the Pepperdine Graziadio Legacy Center for Family Business Leadership, recently wrote an opinion piece on the modern approach to succession planning and next-generation development. Family-owned businesses are a vital part of the American economic landscape and account for 90% of all businesses in North America. However, less than 30% of family-owned businesses survive into the third generation of family ownership.
The low percentage of family-owned businesses throughout generations is mainly due to the lack of succession planning in family businesses. According to PwC’s 2019 U.S. Family Business Survey, only 18% of family businesses say they have a robust succession plan formally in place. Hunter is part of a sixth generation family-owned business with active education and development programs in place and understands the importance of investing in the next-generation family members that will lead the family-owned business into the future. Read more.