Significance of Family Corporations
- 60% of all businesses in the world are family-owned
- 80% of the businesses in the Philippines are family-owned
However, out of 10 family-owned businesses started by the founders, only 3 will succeed to the 2nd generation and only 1 out of the 3 will succeed to the 3rd generation.
The 3rd Generation Phenomenon
“From rags to riches to ruins.”
“First generation creates, second generation inherits and preserves, and third generation squanders.”
Can FAMILY BUSINESSES survive the 3rd generation phenomenon?