By Mike Periu
The American dream for many Latino families is to one day purchase or start a small business. They envision their children, nephews, nieces and other relatives joining the business and taking part in the family effort to succeed in the U.S. When the time comes, the greatest joy is to bequeath that business to the next generation. It's a beautiful dream but one that often doesn't become reality. According to the Institute for Family-Owned Business, only 40% of family-owned businesses survive to the second generation; 12% make it to the third; and only 3% survive to the fourth generation. Very few entrepreneurs have the privilege of seeing their grandchildren take over the business they started.
Does it have to be this way? Not necessarily. Many times the issues that destroy a family-owned business aren't business related; they have to do with how relatives perceive one another and treat each other. These human issues are within the control of the founders and they need to ensure that their dreams of multi-generational business success are realized. If this is your dream then you should: