The process of passing a family business onto the second generation is so difficult that not even a third of them survive. Beyond that, roughly half make it to a third generation. In a normal day in the U.S., 40 percent of businesses are confronted with a change of owners. Those who have founded the companies are struggling to find remedies, but there aren't many options.

Here are a few possible remedies to this problem:

- Sell off the company.

- End the business.

- Remain as the owner, but contract others to manage.

- Keep ownership and management within the family.

- The most common causes for failure of the transition of the small business are as follows:

- There is no strategy.

- The business is missing energy.

- The owner lacks the motivation to change the business.

- The coming generations are not interested in working with the business.

- The main reason for closure is not having a strategy. If planned properly, the business has no reason to worry.

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Source: Thomson Reuters