Put me in, coach

It's unfortunate that many family businesses don't enjoy the longevity they would like. The statistics for family business ventures reveal that only a handful of businesses make it to the second generation and far fewer last into management by the third generation.

There is a wide variety of opinions on why family businesses don't have the same longevity as non-family businesses, but in my experience as a family business adviser, the root cause of failure for many family businesses is leadership development (or lack thereof).

Many family businesses simply overlook the need for developing leadership skills. The following are some of the issues family businesses face in developing the next generation and how to overcome them.