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Article: Who's the New Boss? StartupJournal.com Warns of Family-Firm Dilemma.
- Article from:
- PR Newswire
- Article date:
- November 17, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PRINCETON, N.J., Nov. 17 /PRNewswire/ -- There's a potential leadership vacuum at many family-run firms. According to StartupJournal.com (http://www.startupjournal.com/), The Wall Street Journal's guide for entrepreneurs, those family-run firms that don't choose a successor to an aging boss may lose their businesses.
A survey of 1,143 family-run firms -- conducted by MassMutual Financial Group and the Raymond Family Business Institute -- revealed that 39% expect their leadership to change within five years because the current chief executive will retire or semi-retire. Of those CEOs expected to depart in five years, 58% have chosen their successor, while 42% ...