Many people in the business world are familiar with failure rate statistics of new companies in the 80-percent range. While there are new businesses popping up every day in this industry, it is more prevalent to have family-run businesses handed off from one generation to the next. In a recent episode of CNBC’s The Profit, the statistic was quoted that second-generation businesses have a 60-percent failure rate and third-generation businesses have a 90-percent failure rate. Further research seeking to confirm these numbers revealed that fourth-generation businesses’ failure rate increases to 97 percent.* These numbers are shockingly high and are a reason to take a look at our industry to see if these general statistics hold water. Click here to read the full article…