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Succession Planning for the Family-Owned Business

By William Slater Vincent

America’s business community is built on family-owned businesses. More than 90 percent of all businesses in the United States are family owned, and together they employ more than 62 percent of the private sector workforce. Two-thirds of the nation’s gross domestic product is produced by family-owned businesses. Further, over the last 20 years, more than 80 percent of the net new jobs created in the United Stated were created by family-owned businesses.

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