Succession Planning for Family Businesses
Baby boomers are an entrepreneurial lot. The population born between 1946 and 1964 started more businesses than any generation before them. In fact, nearly 70 percent of all businesses are owned by baby boomers. These family businesses — large and small — are a gigantic force in the economy. That’s why economists are carefully watching what is happening to them now as boomers reach or approach retirement age. The process known as “succession planning” — mapping out what will
