The sad truth is that most great fortunes are made at the cost of the family’s health. But that trade isn’t necessary. There is a way to create wealth AND create a strong family through multiple generations.
Historical results reveal that 87% of family businesses don’t last past their 60th year. And it’s not just a problem for one culture or one time. This challenge has led to sayings all over the world:
That’s the bad news. But the good news is that when a family figures out how to build a multi-generational “engine”then there is no limit to the length of their legacy.
There may be 1,000 ways to crash your family while building your company, but there is one way to build both at the same time.
And when you build a great family enterprise, you don’t just survive. The results are clear when you study the market. Family businesses that are healthy outperform businesses without family ownership. It can be either worse or better–you get to choose