About 70 percent of family firms survive to the second generation, about 45 percent of them survive to the third generation, and about 25 percent of them are expected to survive beyond the third generation.

Family Firms

Businesses owned and operated by multiple generations of a family, with decision-making influenced by familial relationships.

Second Generation

Typically refers to individuals born in a country to parents who immigrated, often experiencing a blend of cultural influences from their heritage and their country of birth.

Third Generation

In technology, often refers to the third iteration or version of a product or system, showing advancement and improvements over previous generations.