Family businesses, like farms face many challenges when they are passed along to the next generation. Less than one third of first-generation family businesses survive into the second generation, and only 13% make it into the third generation. There are several reasons for these low rates including no plan for management succession.
Purdue Institute for Family Business (PIFB) has created a new program, Keeping the Business in the Family: A Roadmap to Successful Succession. This program takes a holistic approach to succession in farm and family businesses; delving into strategic management, relationships, conflict management, managing stress, and ending with creating a timeline and roadmap for the ownership and management transfer process. The training will cover three modules with a total of six hours of educational materials.
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Categories: Indiana, Business