Family businesses account for 65-80% of businesses worldwide but often fail due to family and management issues rather than external factors. Some common reasons for failure include disagreements that arise during generational transitions in leadership, parents being unable to let go of control, and choosing family members for positions based on attributes other than skills or abilities. Other issues are employing family without regard for skills, failing to communicate or solve problems openly, and estate conflicts between family members. Proper succession planning and establishing a clear corporate structure can help family businesses survive across generations.
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