Family unity and cohesion are critical to family business success, according to respondents. Eighty-seven percent say family members share values and 83% reported unity on ownership matters such as strategy and management. Eighty-five percent report that the family shares similar values with employees and customers.
"While a succession plan has its place, what's critical is that family businesses establish a board of directors and conduct ongoing organization-wide strategic planning, which can lead to a successful succession," said Dr. Joe Astrachan, executive director for the Cox Family Enterprise Center.