Building a successful business with long-term sustainable value is hard. Building a strong family with lasting family values and harmony is also very difficult. Combine these two significant challenges in the form of a family-owned enterprise and the odds stack up against you.
Yet family owned businesses represent over 80% of all jobs in the US and over 65% of the Gross Domestic Product. Unfortunately only 40% of these businesses successfully transition to the 2nd generation. Only 12% make it to the 3rd generation and less than 4 percent successfully transition to the 4th generation. That is over a 95% mortality rate after 3 generations.
This is why the USC Marshall School of Business is focusing on this important sector of the nation’s economy by bringing skills, knowledge and competencies to family-owned enterprises. The mission of the USC Marshall Family Business Program is to ‘Create Sustainable Value by Increasing the Professionalism of the Business and the Effectiveness of the Family’. Those who participate in the programs will have enhanced skills to grow their business and to build a family legacy.