A new study about CEO succession by the Stanford University Rock Center for Corporate Governance and The Institute of Executive Development (IED) shows that a large percentage of top companies are not paying enough attention to succession planning.
According to a monthly jobs report from payroll-management company ADP shows that the private sector added 139,000 jobs during the month of February.
According to Forbes.com, the results came in below the 160,000 economists expected and well below the 12-month average.
Businesses with one to 49 employees added the most jobs during the month at 59,000. Medium-sized businesses with 50 to 499 employees added 35,000 and large businesses with 500 to over 1,000 employees added 44,000 jobs.
One of the challenges unique to privately owned family businesses is that the longer they're around, the bigger the family gets. And in many cases, as the family grows, so does the number of shareholders.
Family businesses often pass ownership on to family members, of course, which means that by the third generation there can be a virtual sea of family shareholders. In order to satisfy the needs of everyone in the expanded ownership group, the business must grow and continue to be profitable.
