All in the Family: Boomer Retirements Have Some Families Looking Within for Succession
Ken Stephens, co-owner of Employee Benefit Design, with two of his children, Drew Stephens and Kimberlee Nevins
In an insightful SJB article, the evolution of family business succession is examined, highlighting the journey of Ken Stephens of Employee Benefit Design LLC and his children's integral roles within the company. The report underscores the generational challenges and shifting paradigms of passing the business baton, with only 30% of family businesses surviving into the second generation.
Joe Howard of the Kingsley Group sheds light on the outdated presumption that business succession is a family affair by default, emphasizing the need for independence and diversified succession planning. This deep dive into family dynamics and business strategies is crucial reading for leaders and stakeholders in family-run businesses. Discover more about the intricacies of succession planning and family business by reading the full article on the SJB website.
