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A solid succession plan is essential to the longevity of a family business.
Though family businesses account for a staggering 50 percent of the gross domestic product of the United States, only 52 percent of family business owners have faith in younger relatives' ability to sustain the business for generations to come, according to a PwC survey reported by Forbes.
To assuage such concerns, here are five tips on how to form a family business succession plan:
To explore family business succession strategies that meet your specific needs, consulting a small business attorney may be a good place to start.
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