Mark Suster, an entrepreneur turned venture capitalist that focuses on early-stage technology companies, has written extensively on what he refers to as “the co-founder mythology.” That is, business relationships evolve, and not always in the positive way the partners envision.
According to the Small Business Administration 90% of the 21 million US businesses are family owned. Amazingly less than one third of these companies will transfer successfully to the second generation and only 15 percent will survive by the third. Why the low survival rate? Most of these businesses lack a succession plan or an exit plan.